Mumbai University to tap capital markets for funds

Mumbai University to tap capital markets for funds
PTI
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First Published: Mon, May 07 2007. 07 28 PM IST
Updated: Mon, May 07 2007. 07 28 PM IST
Mumbai: The Senate of Mumbai University has sanctioned Rs2 lakh to conduct a study on the feasibility of listing the varsity on the stock markets to raise funds for higher education programmes.
The University is exploring the possibility of such a listing to raise resources, as the government is slowly withdrawing itself from funding higher education.
The Senate is the highest body in the varsity, with 120 members representing the faculty, non-teaching staff and the government among others.
“We are in the process of constituting a committee which would look at legal issues, liabilities on the university, responsibilities on administration and academic structure of the university and several other issues,” Mumbai University Vice-Chancellor Vijay Khole said at a book launch function here today.
“The commitee will have experts from markets and university to study the viability of university tapping the capital markets, he said.
“We may or may not list on the stock exchange, but we value this academic exercise, we may not use this report but other universities in India can benefit from the study,” he said.
Private as well state funded universities overseas, including in China, have got listed on the stock exchanges.
“We wish to be cautious and careful. Any sensible company or university would think or ponder, we wish to do the same,” Khole said.
”We require money,” Khole said, adding ”we have ambitious plans to create a level playing field, as we have to compete globally and need to build overseas campus, offer variety of courses for which we require money.“
“If we have to get ourselves galvanised into a professional set up, we have to change... we must build wider bridges with industry and corporates, then only they will invest,” he said.
Mumbai University is currently celebrating its 150th year.
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First Published: Mon, May 07 2007. 07 28 PM IST
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