The Birla Institute of Technology and Science (BITS) Pilani is setting up BITS School of Management (BITSoM) in Mumbai.
Making the announcement in a virtual event, Aditya Birla Group chairman Kumar Mangalam Birla who is also the chancellor of BITS Pilani said that the business school is being set up with a total investment of Rs 1,500 crore.
"We will have a permanent campus in Kalyan (outskirts of Mumbai) in 2023 in Kalyan and it will initially be operating from a temporary campus. The total investment will be made over the next five to seven years by BITS Pilani," he added.
The fee for the two-year full-time MBA programme will be Rs 24 lakh. Scholarships will be provided to students depending on their economic status and aptitude. The applications for the first batch of 2021 begin this month.
Birla said that the management institute would not be in competition but seek constructive collaboration with existing business schools in India.
The MBA programme will begin in 2021 at a temporary campus in Powai area of Mumbai. Classes will begin in the temporary campus in July 2021.
Under the two-year MBA programme, there will be specialisations in Entrepreneurship and Innovation, Ecommerce and Digital Leadership, Finance and Investments, Leadership and Strategy, and Marketing and Consumer Insights.
"India, today, is home to very few business schools of global pedigree with the potential to create these leaders of tomorrow. There is a dire need for institutions that talk to the challenges at hand and cater to the needs of this new age," said Birla.
He explained that the strong alumni and entrepreneur network of BITS Pilani will not only share their learnings, but also catalyse experiential learning for students, bringing the right opportunities through a vast industry network.
BITSoM will have faculty that have been drawn from the leading business schools across the globe. These include Wharton, Kellogg School of Management, NYU Stern School of Business and the Singapore Management University, among others.