The decision was taken at a meeting of Board of Directors, chaired by Mukesh D Ambani.
Speaking to reporters, IIM-B Director Prof Pankaj Chandra said that the students would have to pay fee of Rs 6 lakh in the first year and the remaining Rs 7 lakh in the second.
However, Chandra said, "IIM-B is strongly committed to the philosophy that no student would be denied an opportunity to pursue the post-graduate programme in management for want of financial resources."
"The Institute provided financial assistance amounting to about Rs 4.38 crore to 136 students during the year 2009-10," Chandra added.
He further added that the intake for 2010 batch has been increased from the existing 350 to 375.