The Indian Institute of Management (IIM), Mumbai has announced an infrastructure development plan worth Rs 800 crore, to be executed in three phases over the next five years. This initiative aims to enhance the academic and residential facilities and introduce new amenities.

The institute's comprehensive overhaul will also focus on creating a start-up ecosystem, and advanced research. It will add an Innovation Centre focused on banking, finance, and fintech an AI-based research hub, and a library.

The project will start with an initial corpus of Rs 100 crore, and additional Rs 200 crore will be raised through the Higher Education Financing Agency (HEFA), a joint venture of the Government of India and Canara Bank to provide finance in the area of educational infrastructure. The plan also includes securing Rs 300 crore through Viability Gap Funding (VGF). This project will attract significant support through Corporate Social Responsibility (CSR) funds.

The institute will soon introduce new courses in collaboration with industry partners, covering manufacturing, digital logistics, maritime logistics, fintech, and design thinking.