BHUBANESWAR:THE Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved establishment of permanent campus of Indian Institute of Management-Sambalpur (IIM-Sambalpur). An amount of `401.94 crore has been sanctioned for the purpose.
IIM-Sambalpur is currently operating from the transit campus at Sambalpur University and the State Government has identified 237 acres of land in Basantpur for its permanent campus. Construction of boundary wall is being undertaken now.
According to Ministry of Human Resource Development reports, the permanent campus will come up on an area of 60,384 sq m, which will have complete infrastructure for 600 students.
A recurring grant of ` 5 lakh per student per five years has also been granted by the Union Cabinet.The institute will thereafter meet the maintenance cost by generating funds through new courses. Construction of the permanent campus will be completed by June, 2021.