Shillong, Nov 21: Union Human Resources Development Minister Arjun Singh will lay the foundation stone of the Indian Institute of Management (IIM) at Shillong on December one, official sources said here today.
The new institute, christened the Rajiv Gandhi Indian Institute of Management (RGIIM), Shillong, will get a grant for non-recurring expenditure of Rs 120 crore over a period of five years and Rs 45 crore for recurring expenditure over a period of six years.
It will be the seventh IIM of the country.
Presently, there are six such institutes at Ahmedabad, Bangalore, Kolkata, Indore, Kozhikode and Lucknow.
The Meghalaya government provided 120 acres land for setting up the institute at Mawdiangdiang village, the proposed new Shillong satellite township.
The Union Minister informed Meghalaya Chief Minister D D Lapang that he would lay the foundation stone after the latter called on him yesterday at New Delhi, the sources said.
The Human Resources Development Ministry proposed to admit 60 students in the first academic year, 120 students in the second year and 180 students in the sixth year, IIM Shillong Project Director Professor Pramod Tandon said.
Initially, he said, IIM Shillong will offer a two-year Post-Graduate Programme in Management (PGPM) and later it would also offer short-term programmes on subjects of local relevance, including tourism, horticulture and hydel power.