Indian Institute of Technology, Bombay (IIT-B) has received a value Rs. 4 crore from the 1982 batch students as a special New Year gift. The alumni handed over a cheque of the same to the premier technological institute on Sunday.
The corpus will be utilized to bring in more talent into the faculty. Besides, with the interest earned on the corpus each year, 25 incoming faculty members at IIT-B will be offered a bonus of Rs 1 lakh for the next three years.
The batch had decided to raise Rs 6 crore in all, planned to mobilize the remaining Rs 2 crore and give it to IIT-B for its Legacy Project in 2008. Every year, the Legacy Project sees alumni celebrating its silver jubilee reunion by pledging to take up a project for the Institute.
This initiative was announced earlier this year at a New York alumni meet when director Ashok Misra and senior faculty members including Deepak Phatak, professor at IIT's Kanwal Rekhi School of Information Technology, visited the US to drum-up enthusiasm among NRI ex-students for the ongoing IIT-B golden jubilee celebrations.
While disclosing the fact IIT-B Director said, "the institute has been coming up with various measures to retain and attract faculty. The idea behind offering Rs 3 lakh to faculty members is to make their life a little more comfortable when they join the institute, said a member of the alumni. This money can be utilised to buy some furniture or a car. The money is given to make them feel comfortable till they settle down and then start getting consultancy projects,'' added Misra.
The corpus will be utilized to bring in more talent into the faculty. Besides, with the interest earned on the corpus each year, 25 incoming faculty members at IIT-B will be offered a bonus of Rs 1 lakh for the next three years.
The batch had decided to raise Rs 6 crore in all, planned to mobilize the remaining Rs 2 crore and give it to IIT-B for its Legacy Project in 2008. Every year, the Legacy Project sees alumni celebrating its silver jubilee reunion by pledging to take up a project for the Institute.
This initiative was announced earlier this year at a New York alumni meet when director Ashok Misra and senior faculty members including Deepak Phatak, professor at IIT's Kanwal Rekhi School of Information Technology, visited the US to drum-up enthusiasm among NRI ex-students for the ongoing IIT-B golden jubilee celebrations.
While disclosing the fact IIT-B Director said, "the institute has been coming up with various measures to retain and attract faculty. The idea behind offering Rs 3 lakh to faculty members is to make their life a little more comfortable when they join the institute, said a member of the alumni. This money can be utilised to buy some furniture or a car. The money is given to make them feel comfortable till they settle down and then start getting consultancy projects,'' added Misra.
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