New Delhi: The Indian Institute of Management Calcutta (IIM-C) on Monday became the country’s first IIM to get an accreditation from the Association to Advance Collegiate Schools of Business (AACSB). The accreditation is valid for five years.

Before IIM-C, only Indian School of Business (ISB), Hyderabad and T.A. Pai Management Institute (TAPMI), Manipal, have received this accreditation in India.

“AACSB congratulates Indian Institute of Management Calcutta... and we welcome them into the family of AACSB-accredited business schools," said Robert D. Reid, executive vice-president and chief accreditation officer of AACSB International in an official statement.

“As IIM Calcutta joins this elite network of schools as a part of its vision to be recognized among the best, globally it will seek to create more opportunities to prepare students with global practices in business environment. The institute will have the scope to get more foreign faculty members to teach students and collaborate globally on areas of research," the management school said.

“The AASCB accreditation defines the highest quality faculty, relevant and challenging curriculum and educational and career opportunities that are not found at other business schools. With the stringent parameters laid down by AACSB, we have gone through a five year journey of continuous improvement in a holistic manner which has had a positive impact on several aspects of the institute such as quality of students, faculty quality and research output, infrastructural facilities etc," IIM-C director Saibal Chattopadhyay said.

India has 13 IIMs and five more are in the offing.