The Narsee Monjee Institute of Management and Higher Studies has decided to start five new business schools in Mumbai.
The five new schools, which include faculties of business management, technology management and engineering, pharmacy and management, family business, and a school for distance learning in management, are expected to be opened by July this year.
Speaking to Business Standard, vice chancellor NMIMS, N M Kondap said, "NMIMS is planning to refocus itself from being an institute to a university. Establishing these business schools is a move towards attaining that status. The schools would be under NMIMS management but will function distinctly."
The schools will be located at the NMIMS' Vile Parle campus. NMIMS is planning to add on to the existing infrastructure and upgrade it in terms of classroom and technology.
This implies that the existing two-year management programmes of the institute will continue under the School of Business Management.
However, the current programme of family business will be taken over by the new School of Family Business.
Kondap did not reveal the cost NMIMS would incur in starting these schools. "After placing the concept in place we will work out the revenue model," he said.
NMIMS got its deemed university status three years ago and has also attained a grade A accreditation certificate from National assessment and accreditation Council.
He added that the university also wants to diversify from teaching into research, consultancy and training.
NMIMS is launching a doctoral programme in management this year in association with Xavier's Institute of Management and Entrepreneurship, Bangalore, and T A Pai Management Institute, Manipal.
Some other programmes the institute will launch this year include an MBA (global business), MBA (retail management) and MBA (services management). An MBA in pharma-tech, which will be a five year integrated programme after +2, will also be started this year.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group