New Delhi: The Union Cabinet on Wednesday approved establishment and operationalisation of permanent campus of seven new Indian Institutes of Management (IIMs) at a cost of over Rs 3,700 crore. These institutes are currently functioning from transit campuses.

The IIMs at Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu were established in 2015-16/2016-17.

The total cost in setting up and making operational the campuses is assessed at Rs 3775.42 crore, out of which Rs 2,804.09 crore will be spent for construction of permanent campuses of these institutes.

Each of these IIMs will construct an area of 60384 Sqm, which will have complete infrastructure facilities for 600 students in each IIM. Recurring grants to these institute has also been approved at Rs 5 Lakh per student per year for 5 years. Thereafter, the institutes are expected to meet their running cost/maintenance cost from the internal generation of funds.

The construction of permanent campus of these institutes will be completed by June, 2021. With this, all the 20 IIMs will have their own permanent campuses.