IIM-A gets Rs one crore endowment from an equity firm

Ahmedabad, July 12 (UNI) The Indian Institute of Management, Ahmedabad (IIMA) has received an endowment of Rs one crore from Warburg Pincus, a private equity firm.

The fund will be used over the next 10 years by the institute to support the financial needs of students who are unable to afford fully or partially the cost of education at the institute, IIM-A said in a statement.

Welcoming the gesture, IIMA Director Prof Bakul Dholakia said, ''We are delighted to receive this endowment from Warburg Pincus. It will go a long way in pursuit of our objectives of providing quality management education to students of exceptional calibre to follow different careers in management. This generous contribution from Warburg Pincus will strengthen our Need Based Scholarship Scheme.'' The company on its part, too, expressed happiness over its association with the institute. ''Several of the firms' partners and professionals are graduates of IIMA and now, we are proud to lend our support to the institute through an initiative that will help further the education of well-deserving, needy students,'' Warburg Pincus Managing Directors Pulak Prasad and Rajesh Khanna said.

''The firm has been active in the Indian region over the last 11 years and through this endowment, we would once again like to reinforce our long term commitment to the country,'' they said.

UNI MMG GK SRS RAI0439