On July 9, Human Resources and Development minister, Prakash Javadekar, announced that Mukesh Ambanis’ Jio Institute was selected for the status of ‘Institution of Eminence’, along with IIT Delhi, IIT Mumbai, IISC Bangalore and BITS Pilani. The news of Jio Institute’s getting an ‘Eminence’ tag even before it was set up caused a social media uproar. The Netizens even highlighted on the links between Modi and Ambani.
The HRD ministry then issued a statement clarifying that Jio Institute was chosen under the greenfield category and said that if the institution doesn’t meet the criteria the tag could be withdrawn.
It is also said that only a single presentation from the Reliance Foundation sealed them the deal. In its application to the Central government the foundation have claimed that the institute will earn Rs 100 Crore from 1000 students in its first year of operation.
In its second year, the earnings from tuition and hostel fee would increase to Rs 208 crore from 2,000 students. The Ambanis are also planning to waive off Rs 38 crore as scholarships for meritorious students in the first year, which will subsequently increase to Rs 76 crore in the second year.
The Jio Institute will be set up across 800 acres in Karjat and a massive amount of Rs 9,500 Cr have kept reserved for it.
According to the proposal submitted, the institute will offer 200 seats in humanities, 60 in media and journalism, 300 in natural sciences, 250 in engineering and computer science, 50 in performing arts, 50 in urban planning and architecture, 125 in management and entrepreneurship, 90 in law and 80 in sports sciences.
The Institute is also planning to hire teachers from the top 500 global universities, as mentioned in the proposal. They are expected to spend Rs 93 Crore on salaries for faculty and staff members.
In the 15th year of operation, Jio Institute is projected to have 10,000 students and the net revenue, after fee waivers is expected to be Rs 1,502 crore.