Vedanta, Orissa ink MoU for $1bn varsity

The Orissa government and Vedanta Resources today signed an Memorandum of Understanding (MoU)  to set up a university at an estimated investment of Rs 15,000 crore.

The state government has offered 10,000 acres on the Puri-Konark Marine Drive for the university, official sources said.

The university would have a capacity for about one lakh students, sources added. Anil Agarwal, chairman of Vedanta Resources and Orissa Chief Minister Naveen Patnaik signed the MoU. Anil Agarwal and family will contribute Rs 5000 crore for the project.

According to AT Kearney, this is the biggest-ever endowment to higher education anywhere in the world.