Bhubaneswar: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved establishment and operationalization of the permanent campus of the Indian Institute of Management (IIM) at Sambalpur in Odisha.
The central government has sanctioned Rs 401.94 crore for the permanent campus.
Notably, the IIM has been temporarily functioning from the building of Silicon Institute of Technology since 2015. The permanent campus is expected to come up by June 2021.
Construction of the new campus is underway on 200 acres of land at Basantpur provided by the state government.
According to official sources, the Centre also sanctioned grants for six other IIMs at Amritsar, Bodh Gaya, Nagpur, Sirmaur, Visakhapatnam and Jammu. A recurring expenditure at a total cost of Rs 3775.42 crore (Rs 2999.96 crore as Non-Recurring and Rs 775.46 crore as Recurring Expenditure) was approved.
These seven IIMs, currently functioning from transit campuses, were established in 2015-16/2016-17. Permanent campus of each of these IIMs will come up on an area of 60,384 Sqm with complete infrastructural facilities for 600 students in each institute.
Recurring grants to these institute has also been approved at Rs 5 lakh per student per year for 5 years. Thereafter, the institutes are expected to meet their running cost or maintenance cost from the internal generation of funds.
With the completion of permanent campuses of these seven IIMs, all the 20 IIMs will have their own permanent campuses, the sources added.
