JOIN USVice Chancellor N Prabhu Dev had requested the company to help the university set up the institute that would offer a four-year BS course.
Following a meeting with Chairman and Managing Director of the company S R Jindal on Friday, Executive Director B D Garg on Saturday confirmed the plans to contribute the sum.
The firm said it would contribute the money provided the institute was permanently named Dr Sitaram Jindal School of Economics. The company also urged the university to get necessary approval under Section 35 AC or 80 G (2) (a) (iii) of the Income Tax Act for its contribution.
The sum will be paid over three to five years. Funds beyond Rs 100 crore will have to be borne by the university.
The company will identify the civil contractor, negotiate the rates, and control the payment to the contractor. But, all structural layout and other drawings will be provided by the university. Besides, the university will supply all furniture, fixtures and electrical fittings once the building is ready for occupation.
Staff recruitment
Apart from providing 50 to 100 acres of land on the Jnana Bharathi campus, the university will have to appoint the required staff so that the institute starts functioning immediately.
The project will be completed in five years and construction will begin soon after getting approval under the I-T Act.
A member of the management committee of the institute will be a nominee of the company.
The decision of the company’s nominee will be final and binding. A construction committee will be set up to supervise the construction.
The firm also wants the architect/s to be under its supervision as “they create nuisance… are adamant, stubborn, and cause undue delay in submitting the drawings. They do not even come for timely inspection of the construction work.”
If the contractor is found to be incompetent and uncooperative, the company will have the liberty to replace him.
There should be strictly no interference in running the institute, the company said. The admission process should be transparent and modelled on the lines of IIMs. The company will recommend five poor and meritorious students for admission. A report of the institute’s activities will be sent to the company in June each year.
Although the vice chancellor has accepted all the conditions, the university’s appropriate bodies need to approve the agreement. The study group with Dev as chairman and Mohandas Pai, former board member of Infosys Technologies, as co-chairman, has finalised the draft of the institute. The final report will be ready by November 10, Dev said.