NRI steel baron Lakshmi Niwas Mittal's LNM Foundation announced on Wednesday the launch of Rs 36 crore (Rs 360 million) IT institute near Jaipur in association with the Rajasthan government.
To start with, the LNM Information Technology Institute will offer a 4-year under-graduate course and then plans to take up graduate, post-graduate, doctorate and R&D level activities.
"The L N Mittal group has always excelled in its field of business and the institute has been conceptualised with the same philosophy. If successful, it may be replicated in other parts of the country," LNM Foundation trustee and ICICI Bank chairman, N Vaghul, said at a press conference in New Delhi on Wednesday.
The L N Mittal group will invest a total Rs 21 crore (Rs 210 million) in the institute through LNM Foundation while the Rajasthan government will provide 100 acres of land in Rupa ki Nagal near Jaipur for completing the project by next July.
This is the second education institute promoted by the L N Mittal group, which is the world's second largest steel producer with a global turnover of over $10 billion.
"The institute has been modelled on the lines of Indian Institute of Technology and the new campus would be a mini township of its own," former IIT Kanpur deputy director and professor of the institute, V Sinha, said.
