- September 17, 2024
Motilal Oswal Foundation Announces Rs 130 Crore Donation To IIT Bombay – News18
IIT Bombay (File Photo/ X)
The grant will also be used to develop a first-of-its-kind program in financial markets at IIT Bombay.
The Motilal Oswal Foundation has pledged to donate Rs 130 crore to the Indian Institute of Technology Bombay for the development of a world-class academic infrastructure. The grant will also be used to establish a first-of-its-kind program in financial markets at IIT Bombay.
The foundation, set up by Motilal Oswal and Raamdeo Agrawal, the co-founders of Motilal Oswal Financial Services Ltd, has pledged 10% of the company’s equity, valued currently at Rs 4,000 crores, towards philanthropic initiatives in IIT Bombay over the next 10 years.
The grant marks one of the largest corporate philanthropic contributions ever made to an Indian educational institution.
According to the MoU, the Motilal Oswal Knowledge Centre would be set up at the campus of IIT Bombay in a 1 lakh to 1.2 lakh sq. ft area. This ultramodern structure for the centre will be designed to support advanced laboratories, research centres and collaboration areas that will help IIT Bombay attract world-class talent
The multidisciplinary centre will draw expertise from areas including finance, management, economics, computer science, artificial intelligence, operations research and mathematics.
It will also offer students access to industry leaders, and hands-on training with real-world data to build a future in the financial sector.
Commenting on the development, Motilal Oswal, Trustee of the Motilal Oswal Foundation, said, “The Motilal Oswal Knowledge Centre, as well as Motilal Oswal Centre for Capital markets, stand as a testament to the power of strategic philanthropy and the pivotal role that partnerships between academia and industry can play in creating lasting societal impact. We believe this partnership will pave the way for a brighter, more innovative future for the country and its financial markets,”
The Motilal Oswal Centre for Capital Market will offer academic programmes in financial markets across undergraduate, graduate and postgraduate levels. The upcoming centre will also offer flexible online PG diplomas to professionals worldwide.
