Great Lakes plans to raise Rs 200 crore

India Inc, including Tata, Godrej, Birla and others, supported management institute Great Lakes Institute of Management (GLIM) to raise Rs 200 crore along with its partner Educomp.

Bala Balachandran, founder, chairman & dean, Great Lakes Institute of Management, said that next year the institute will raise around Rs 50 crore and a similar amount will be raised by Beacon, an affiliate of e-learning solutions provider Educomp Solutions.

It may be noted, Beacon entered into a partnership with Great Lakes Institute of Management recently, and the two partners are planning to invest a total of Rs 200 crore over a period of five years.

 

The partnership will have campuses in Delhi and the NCR region, Mumbai and Eastern India.

“We have acquired additional 15 acres close to the existing campus on the outskirts of Chennai, 12 acres in Gurgaon and nine acres in Mumbai and then to Bhubaneswar” he said.

The Orissa government has given 80 acres of land which will be used to set up a University of Corporate Excellence, he said. The business school in Mumbai is closed for various reasons.

While ruling out raising the money from PEVC, Balachander said, the partners will not dilute any stake and funding will be through borrowing, internal accruals and corporate sponsors.

The institutes advisory council is headed by Ratan N Tata and others in the council include Madhur Bajaj, Kumarmangalam Birla, Jamshyd N Godrej, G P Goenka, Deepak S Parekh, Venu Srinivasan, A Vellayan, N Srinivasan and other captains of India Inc.