Icfai to invest Rs 150cr for university project

Hyderabad-based Institute of Chartered Financial Analysts of India (Icfai) would invest Rs 150 crore in setting up a university in Orissa. The university would have strength of about 1,500 students and offer courses in various disciplines like engineering, management, law, science and humanities.

Addressing media persons, Samad Noorus, member (New Initiatives Group), Icfai, said “The draft bill for setting up Icfai’s proposed university has been approved by the Orissa Cabinet on February 1 this year. This bill is likely to be introduced in the ensuing session of the state legislative assembly.” “Icfai has identified 30 acres of land between Bhubaneswar and Khurda for setting up its proposed university in Orissa. The university would be functional eighteen months after the Bill becomes an Act”, he added.

Icfai had inked a MoU (memorandum of understanding) with the Orissa government in March 2007. The Icfai University in Orissa would have no management quota, NRI quota or capitation fee.

Apart from Orissa, Icfai is also setting up universities in other states across the country. States like Uttaranchal, Tripura, Sikkim, Mizoram, Meghalaya, Nagaland and Jharkhand have passed the legislations facilitating the establishment of Icfai universities.

The proposed Icfai universities in Uttaranchal and Tripura have received the approval of the University Grants Commission (UGC) under Section 2 (f) of the UGC Act.

Other states like Chhattisgarh, Punjab, Himachal Pradesh and Rajasthan have already issued letters of intent to Icfai for setting up universities.