Indian billionaire Nandan Nilekani, who is the co-founder and chairman of multinational information and technology giant, Infosys Ltd, recently announced that he would be donating a sizable sum of $38.5 million, or INR 3.16 Billion to The Indian Institute of Technology, Bombay. This donation was made on the occasion of Mr Nilekani completing 50 years of association with IIT Bombay.
Mr Nilekani has donated to educational causes prior to this, however, the sum of $38.5 million is the largest donation he’s ever made. It stands as one of the biggest donations made to a National educational institution in India.
The donation was sealed by signing a Memorandum of Understanding between Mr Nandan Nilekani and the director of IIT Bombay, Professor Subhasis Chaudhari.
Aim of the donation
Mr Nilekani himself is an alumnus of the Indian Institute of Technology, Bombay or IIT Bombay. He joined the institution for his Bachelor’s degree in the field of electrical engineering in 1973. He has also been involved with IIT Bombay in different roles through the years, even serving as a board member for the institution from 2011-2015. He said that the donation was a “tribute to the place that has given me so much”. He also spoke about how the donation would be important for students shaping their business ideas.
The donation has a double objective of encouraging research in tech-related fields and funding ideas in the tech startup world. IIT Bombay has recently placed great emphasis on fields such as artificial intelligence, sustainable energy and quantum computing.
This donation follows the trend of several other leading Indian businesspeople who have leaned towards education in their philanthropic efforts, such as Azim Premji and Mr Nlekani’s peer and co-founder of Infosys, Narayan Murthy.
IIT Bomaby’s aim to raise $500 million
IIT Bombay has aimed to raise over $500 million in funds over the next five years. This includes funds raised from grants received from its alumni. The funds will be used to set up hubs for establishing startups in key fields. This fundraising campaign by IIT Bombay marks one of the biggest campaigns of this kind in the country of India. Mr Nilekani’s donation is believed to be an excellent way to kick off the venture.
So far, the funds have proven to be very helpful in building hostels and setting up the university incubator which is the country’s first, as well as financing the School of Information Technology. Board members are confident that this fundraising campaign will help the growth of IIT Bombay significantly and help it become a global leader in the field of engineering.
The director of IIT Bombay, Professor Subhasis Chaudhari, has received the donation with immense pride and delight.
About IIT Bombay
IIT Bombay was established in 1958. At the time, only one other IIT existed in India. In 2018, it was awarded the status of “Institute of Eminence”. It is located in the Powai area of the city of Mumbai.
The institute contains three schools, 39 courses or academic facilities, 15 academic departments, plus four interdisciplinary programmes. These features are managed by around 700 teaching staff members. Currently, over 60000 scientists and engineers have graduated from IIT Bombay.
IIT Bombay is regarded as one of the most honoured educational destinations in India.
