Mumbai varsity plans tapping capital markets for funds

MUMBAI: The Senate of Mumbai University has sanctioned Rs 2,00,000 to conduct a study on the feasibility of listing the varsity on the stock markets to raise funds for
higher education programmes.

The University is exploring the possibility of such a listing to raise resources, as the government is slowly withdrawing itself from funding higher education.

The Senate is the highest body in the varsity, with 120 members representing the faculty, non-teaching staff and the government among others.

"We are in the process of constituting a committee which would look at legal issues, liabilities on the university, responsibilities on administration and academic structure of
the university and several other issues," Mumbai University Vice-Chancellor Vijay Khole said at a book launch function here on Monday

"The commitee will have experts from markets and university to study the viability of university tapping the capital markets, he said.

"We may or may not list on the stock exchange, but we value this academic exercise, we may not use this report but other universities in India can benefit from the study," he said.

Private as well state funded universities overseas, including in China, have got listed on the stock exchanges.

"We wish to be cautious and careful. Any sensible company or university would think or ponder, we wish to do the same," Khole said.

"We require money," Khole said, adding "we have ambitious plans to create a level playing field, as we have to compete globally and need to build overseas campus, offer variety of courses for which we require money."

"If we have to get ourselves galvanised into a professional set up, we have to change... we must build wider bridges with industry and corporates, then only they will
invest," he said.

Mumbai University is currently celebrating its 150th year.