Why Nandan Nilekani Is Donating Rs 315 Crore To IIT Bombay?

Infosys co-founder Nandan Nilekani is set to donate Rs 315 crore to IIT-Bombay, the entrepreneur announced the news on Twitter.

To mark 50 years of his association with the IIT Bombay (first as a student and then in different roles), he was donating the said amount. " I am grateful to be able to do this," he tweeted.

"IIT-Bombay has been a cornerstone in my life, shaping my formative years and laying the foundation for my journey. As I celebrate 50 years of my association with this esteemed Institution, I am grateful to give forward and contribute to its future. This donation is more than just a financial contribution; it is a tribute to the place that has given me so much and a commitment to the students who will shape our world tomorrow," he said in a statement.

In the last five decades, he has served the India's premiere institute in multiple roles. He served on the Board of the IIT Bombay Heritage Foundation from 1999 to 2009 and was on the Board of Governors from 2005 to 2011.

His initial contribution totalling up to Rs 85 Crores over the years, was instrumental in constructing new hostels, co-financing the School of Information Technology, and establishing India's first university incubator, thereby significantly boosting the Indian start-up ecosystem, the statement said.

He was awarded the prestigious Distinguished Alumnus Award in 1999, followed by an Honorary Doctorate in 2019 as part of the 57th convocation of IIT Bombay.

Talking about the donation, IIT Bombay, Director Prof. Subhasis Chaudhuri said, "This historic donation will significantly accelerate the growth of IIT Bombay and will firmly set it on a path of global leadership. IIT Bombay is committed to building research and academic excellence that can make India a leader in scientific discovery and its translation towards solving the pressing challenges facing humankind. Nandan's contribution will catalyse philanthropic contributions towards advancing research & development at universities in India."

This significant contribution serves as the anchor for IIT Bombay's ambitious vision to become a global leader among engineering and technology institutes and contribute significantly towards nation-building.

IIT Bombay's strategic plan for the coming decade includes setting up world-class centres of excellence in strategic areas such as artificial intelligence, green energy, quantum computing and others, nurturing a deep tech start-up eco-system, and providing best-in-class research, living, and academic facilities to students and faculty. The plan envisages fundraising of about $ 500 million over the next five years.

Nilekani's contribution will help the Institute kick-start its plans and inspire others to join this transformative initiative, the statement added.