The Hindu Business Line : IIMB to raise fees for all courses from June

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Bangalore Jan. 30 The Indian Institute of Management, Bangalore on Tuesday announced a hike in fee across all courses with effect from June 2007.

"We've decided to raise this year's PGP fee to Rs 2 lakh per annum from Rs 1.75 lakh per annum," the IIMB Director, Dr Prakash G. Apte, told reporters today after a board meeting.

The intake for this year's PGP course would be about 280 students.

This would include implementation of the seven per cent OBC students.

Increase in revenue this year from the fee hike would be around Rs 1.5 crore.

"The cost per student is about Rs 4 lakh and we are only recovering 50 per cent of that," the Director said.

Pay-scale revision

The board has also decided to implement a revision in the pay scales and the revenue sharing pattern of the consultancy fee earned by professors of the institute.

From the current 60:40 ratio, the institute will now get an equal share from the revenues (50:50).

However, income from consultancy up to Rs 6 lakh can still be retained by the faculty, he said.

Singapore plan

Responding to a question on the Singapore initiative, Dr Apte said that "it was on track and the process of change in the memorandum of agreement has been completed."

The Chairman of the Board of Governors of IIMB, Mr Mukesh D. Ambani, was present at the board meeting. Mr Ravi Uppal, Mr Sunil K. Alagh, Mr N.S. Ramaswamy, Mr S.N. Agarwal were among the other members who attended the meeting.

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