IIT-Madras raises ₹513 crore from alumni, other donors in FY24

In a connection connected Tuesday, the institute said it has besides received full caller pledges of ₹717 crore from alumni and firm partners successful the fiscal twelvemonth ended 31 March, 2024. "The funds received would beryllium utilized for exertion probe and improvement arsenic good arsenic for deploying exertion already built by IIT Madras, successful assorted parts of the state based connected the societal needs. In addition, it is besides utilized to enactment deserving students with scholarships arsenic good arsenic to enactment the increasing infrastructural needs of the institute," said the college.

The fig of donors giving implicit ₹1 crore to the institute was 48 (16 alumni donors and 32 firm partners). According to information released by the college, funds raised successful FY21 and FY22 were ₹101.2 crore and ₹131 crore, respectively. "The full magnitude raised done alumni unsocial during 2023-24 was ₹367 crore, which is an summation of 282% compared to the erstwhile year," IIT Madras said.

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What are these funds utilized for?

"The funds raised done alumni assemblage and firm donors are utilized to enactment cutting-edge research, supply scholarships to students successful need, and to assistance make campus. By investing successful these captious areas, IIT Madras aims to not lone elevate the world acquisition but besides cultivate a nurturing situation for innovation and societal transformation," said Kaviraj Nair, CEO, Office of Institutional Advancement, IIT Madras.

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Among the salient projects supported by alumni and firm partners, IIT Madras listed the Wadhwani School of Data Science and AI for which alumnus Sunil Wadhwani, co-founder of IGATE has contributed ₹110 crore. Then determination is the Sports Excellence Admission program, which has been supported by Krishna Chivukula, chairman, Indo-MIM Pvt. Ltd. The programme aims to assistance students excelling successful sports to get admittance successful the the undergraduate programs astatine IIT Madras.

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Published: 08 May 2024, 08:50 PM IST