The oldest B-school in Bombay used to be an IIM. Mumbai is the ideal place for a management university to flourish, and it now holds the unique distinction of being home to both an IIT and an IIM.
India’s 21st IIM was established in August 2023 at the National Institute of Industrial Engineering (NITIE) in Mumbai. Founded in 1963 by the government with support from the UNDP and ILO, the NITIE was once known as an engineering-focused business school, admitting exclusively engineers for its management programs. However, it is now accepting qualified applicants from all streams as IIM Mumbai.
IIM Mumbai’s director, Prof. Manoj Tiwari, and chairman of the board of governors, Shashi Kiran Shetty, told FE that the institute has several improvements in store, one of which is allowing students from all streams to enroll in its courses.
The founder and executive chairman of Allcargo Group, Shetty, told FE, “We are working on a masterplan that will be executed over the next 5–10 years.” “The goal is to elevate IIM Mumbai to the status of one of the world’s top B-schools, comparable to Stanford or Harvard.”
Approximately 1,200 students attend the 65-acre, stunning campus of IIM Mumbai, which is located on the banks of Vihar Lake. “We need new buildings and we need to improve the living conditions in existing buildings as the number of students will gradually rise,” Shetty stated. Building a 21st century infrastructure is thus one of our first priorities.
The Board has invited a group of leading architects to the campus to determine how it may be improved to rank among the best in the world, and it has recruited KPMG to make recommendations about how to do so.
A modern IIM simply cannot afford the professor shortage that existed at the former NITIE. According to Shetty, one of the main priorities at the moment is filling open professor jobs. “Finding the best professors is a challenging task, but we are making progress and filling open positions,” he remarked.
Prof. Tiwari continued, “The IIM tag has already begun drawing faculty from around the world to the institute.” “Many applications from international B-schools—some from as far away as Stanford—have been submitted to join our ranks. Prof. Tiwari remarked, “I think the only reason they are coming here is the IIM brand.” The best specialists in the fields of operations management, analytics, finance, marketing, project management, human resources, information technology, and sustainability management will be produced by us.
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