The Indian Institute of Management, Ahmedabad (IIM-A) has been given an endowment of Rs 1crore (Rs 10 million) by Warburg Pincus.
The amount will be used over the next ten years by the premier management institute to support the financial needs of students who are unable to afford fully or partially the cost of education at IIM-A.
"We are delighted to be associated with the Indian Institute of Management, Ahmedabad, India's premier business school. Several of the firms' partners and professionals are graduates of IIM-A and now, we are happy to lend our support to the Institute through an initiative that will help further the education of well-deserving, needy students," said Pulak Prasad and Rajesh Khanna, managing directors, Warburg Pincus India Pvt Ltd, in a press statement on Monday.
"The firm has been active in India over the last 11 years and through this endowment, we would once again like to reinforce our long-term commitment to the country."
Warburg Pincus is a global leader in private equity investing and is one of the largest international private equity investors in India with investments of $1.2 billion in the country.
Reacting to the endowment, IIM-A Director Bakul Dholakia said in the press statement: "We are delighted to receive this endowment from Warburg Pincus. It will go a long way in the pursuit of our objectives of providing quality management education to students of exceptional calibre to follow different careers in management. This generous contribution from Warburg Pincus will strengthen our Need-Based Scholarship Scheme."
