Staff Reporter

To set up university on the outskirts of Bhubaneswar

BHUBANESWAR: Hyderabad-based Institute of Chartered Financial Analysts of India (ICFAI) on Tuesday signed a memorandum of understanding with the State Government to set up a university on the outskirts of the city.

ICFAI has proposed to invest over Rs 150 crores for the university, which would be coming up on 75 acres of land near Jatni Road. "We are close to take possession of 30 acres and the rest would be acquired soon," N. Rajshekhar, Dean of New Initiative Group, said.

No capitation fee

Mr. Rajshekhar said there would be no management quota, NRI quota, donations or any capitation fee.

"The university will add significant value to the state in developing necessary human resources, that will be required in the wake of rapid industrialisation and the emerging developments taking place in IT and BPO sectors," he said.