New Delhi: Indian Institute of Technology, (IIT) Delhi, is all set to launch Endowment Fund to garner USD 1 Billion over the next six years. The initial amount of the Endowment Fund will be raised from around 20 alumni who have committed between ₹5 crore and ₹30 crore each.
The fund will expand and gradually raise funds from industry leaders and alumni who are now in senior management positions at companies in India and abroad.
Endowment funds are a big source of income for best global universities. The Endowment Funds ar primarily used for development work and students scholarship. Here it can be mentioned that Harvard University and Stanford University have big corpus of this funds.
Recently, Ramgopal Rao, Director of IIT Delhi and Prof. Sanjeev Sanghi, professor of IIT Delhi, have discussed the launch of IIT Delhi Endowment Fund initiative with institute’s alumni Sachin Bansal (Flipkart), Sandeep Singhal (Westbridge capital), Vikram Gupta (IvyCap) , Gautam Kumra (McKinsey), Arun Duggal and Ankit Gupta.
IIT Delhi has already launched a Video Song on Endowment fund launch.
IIT Delhi has been talking about building an endowment fund for past couple of years. The efforts to materialize the dream for setting up endowment has gained momentum after IIT Delhi gets Institute of Eminence tag fr om Ministry of HRD, Govt of India.
It is expected the big announcements will be made before its Golden Jubilee convocation ceremony on 2 November 2019.
