The Indian Institute of Technology, Delhi, will be going to launch its IIT-Delhi Global Alumni Endowment Fund, on Thursday at the Rashtrapati Bhawan after setting up an alumni endowment target of a billion-dollar by the end of 2025.
It has also received a launch commitment of INR 255 crore, of which INR 125 crore is being committed by the co-founders of Flipkart, Sachin Bansal and Binny Bansal, both the alumni of the institution.
IID-Delhi has been making the efforts towards creating an endowment fund backed by its alumni in line with the likes of Harvard University for the past couple of years.
“By putting up such an endowment fund and managing it for development work, student scholarships and research will put IIT-D in league with some of the top global institutions,” said Ramesh Pokhriyal, Union minister for human resource development.
Rao said the endowment fund would be managed by an alumni board like Harvard. “The interest from the fund will be used for developmental activities and innovations as it has been a global practice of big universities like Harvard. We will look at other investment opportunities to create more revenue sources for the institution out of this endowment.”