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IIT Delhi has launched an 'Endowment Fund’ with an initial commitment of Rs 250 crore. This commitment has been made by 10 founder-member alumni of IIT Delhi.
The endowment will be managed by a committee whose members are Professor V. Ramgopal Rao, Director, IIT Delhi; Professor Sanjeev Sanghi, Dean, Alumni Affairs and International Programmes, IIT Delhi; Arun Duggal, Chairman, ICRA and Founder, Centre of Excellence for Research on Clean Air (CERCA) at IIT Delhi; Sandeep Singhal, co-founder of WestBridge Capital and Sequoia Capital India; Vikram Gupta, Founder & Managing Partner, IvyCap Ventures; Sachin Bansal, CEO, Navi and former co-founder, Flipkart; and Gautam Kumra, Head, McKinsey India.
The endowment structure would compete with the best in the world. "Such endowments also allow institutions like ours to confidently engage in long-term planning, without sustainability risk to critical projects," said Rao.
“With the backing of more than 52,000 alumni, we are confident this will create a model endowment fund, which can be emulated by all Indian universities,” Sanghi added.
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