IIT Madras launches platform for raising endowment funds
Harshita Das, 24 Jul 2017, #IIT Madras
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The Indian Institute of Technology Madras (IIT Madras) has launched a new fund raising platform on July 22, 2017 for raising endowment funds through alumni.

Launched on the occasion of ‘Alumnite’, held to welcome the 2017 batch which graduated and entered the alumni fold on Friday, July 21, the 'Joy of Giving to IITM’ is intended to aid IIT Madras’ journey towards global distinction in the fields of engineering education and research. It will work towards raising endowment funds for the institute through alumni and corporations globally. It aims to place IIT-Madras among the ‘Top 50’ education and research institutes in the world.

 

Crowdfunding is another new initiative of IIT Madras which has brought in Rs. 1 crore in retail funds. Around 250 new donors have joined the initiative with the average donation size being Rs. 35,000. Alumni and funding under Corporate Social Responsibility (CSR) initiatives have cumulatively helped raise Rs. 177 crore in the last eight years from 5,000 donors. More than 30 companies are engaged with IIT Madras at the moment. Fundraising by IIT Madras grew by 22 per cent in 2016-17.

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'AlumNite' featured awards, prizes and entertainment. Students demonstrated their talents on campus one last time through various cultural performances such as singing and dancing, apart from receiving awards for academic performances. Welcoming the 2017 batch into the alumni fold, Prof. R. Nagarajan, Dean, International and Alumni Relations, IIT Madras, announced how IIT Madras had successfully maintained the No. 1 ranking in NIRF for the second consecutive year, which was made possible only due to the contributions of the faculty, students, staff and the alumni.

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Prof. Bhaskar Ramamurthi, Director, IIT Madras, presented the distinguished Alumnus Award to Prof. Anand Raghunathan, Purdue University, and Distinguished Visiting Professor, IIT Madras. A total of 12 Distinguished Alumnus Awards were announced this year.

 

He also conferred the YBG Varma Award for 'Excellence-in-Teaching in Chemical Engineering', 'Excellence-in-Research' award (instituted by Dr. Prakash Keshaviah), the 'JC Bose Patent Award' (instituted by IIT Madras alumni, Anil Kumar and Kundan Kumar) along with other faculty and student awards.

 

An Institute Chair, endowed in the name of the late Prof. S Sampath by alumni of the 1964-66 batches, was also launched on the occasion. Prof. Ashok Jhunjhunwala was declared as the current occupant. A new initiative to honour the 'Founding Professors' with a Chair was also announced during the function.

 

‘AceMicromatic Chair Professorship’ in Machine Tools and Manufacturing Technologies was also launched during the function. P. Ramadas, Managing Director of the AceMicromatic company, will serve as the Chair.

A book written by the Department of Management Studies alumna Rajeshwari Victor was also released.

 

M. Subramanian, Chief Executive Officer (Development Office), IIT Madras Charitable Trust, said, “Thanks to the active involvement of the IIT Madras Alumni community, a total amount of Rs. 55 crore was raised in 2016-17, up from Rs. 45 crore in the preceding fiscal.”

 

Mr. Ravi Venkatraman, President, IIT Madras Alumni Association and S. Gopal, President, IIT Alumni Industry Interaction Center, were also among the speakers. A minute’s silence was observed in memory of R. Natarajan, the first Registrar of IIT Madras, who passed away recently.


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