Infosys co-founder Nandan Nilekani announced a donation of £31.5 million to IIT-Bombay, his alma mater, to commemorate his 50 years of involvement with the institution. In order to earn a bachelor's degree in electrical engineering, Nilekani enrolled at the institution in 1973.
By adding the endowment to his prior grant of £8.5 million, which was partially utilised to construct dorm facilities, Nilekani's total commitment now stands at £40 million. This is the largest private gift received by any Indian university, not just the IITs. The endowment will be made over a five-year period.
Nilekani signed the MoU in Bengaluru in the presence of Prof Subhasis Chaudhuri, director of IIT Bombay, and three former directors. He has become the anchor donor in the institute’s plan to raise $500 million (£420 million) by 2030.The money would be used to advance infrastructure and speed up R&D. Pound 18 million were donated to IIT Bombay during the most recent fiscal year.
Nilekani has left it to the discretion of IIT Bombay to spend the money. “It’s as untied as possible for them to identify key areas of development," he said. “I have benefited from IIT. I’m what I’m because of IIT. It’s more than money – an emotional commitment to IIT,” Nilekani told the media. “Joining IIT Bombay was an act of teenage rebellion. I went for an interview at IIT Madras. And in those days, there were no mobile phones. My father sent me a telegram asking me to join IIT Madras chemical (engineering). I was 18 and “you do the opposite of what your father tells you at that age.” I joined electrical engineering at IIT Bombay, and I don’t regret that decision,” he said.