This is just an early Diwali or simply "achhe din" for the ace B-school Jamnalal Bajaj Institute of Management Studies (JBIMS), Churchgate. One of the top management school, which has failed to build a new campus due to lack of funds, can now do so, as three of its most famous alumni have decided to help the institution.
Ajay Piramal, chairman of the Piramal group, who graduated in 1977 has donated Rs15 crore. His junior, Uday Kotak, executive vice chairman of Kotak Mahindra Bank, has also donated Rs15 crore. "Besides Piramal and Kotak, Noshir Kaka, director of McKinsey & Co and from batch of 1994, has committed to donate Rs15 crore albeit after raising some amount from others", said Kavita Laghate, in-charge director of the institute.
The Jamnalal Bajaj trust has already agreed to give Rs30 crore for the new campus and it would be build near Hyatt Hotel in BKC on a 1.77 acre land of Mumbai University. Laghate said, it would cost Rs150 crore and we are fortunate that the network of 3,000 alumni has agreed to fund the rest of the amount.
As of now, Rs85 crore has been donated by the alumi.
"Since the shape of the land is triangular, the architects are sweating out to design the new campus. However, we are hoping to erect three buildings housing academic and administrative departments. The hostel, gymkhana, sports facilities and convention centre are there at the Kalina campus across the road which we can easily share," said Laghate.
The institute would be able to offer more seats in the regular two-year post graduate programme and launch few innovative courses once the campus is ready in the next two years.
Ajay Piramal (Batch 1977, chairman of Piramal group) Rs15 crore
Uday Kotak: (Batch 1982, executive vice chairman of Kotak Mahindra Bank) Rs15 crore
Noshir Kaka: (Batch 1994, director of McKinsey & Co) Rs15 crore (raise funds from others)
Jamnalal Bajaj Trust: Rs30 crore
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