The board of directors of the Indian Institute of Management, Bangalore on Friday approved a proposal to amend the institute's Memorandum of Association to enable it to establish presence in Singapore.
The decision to seek the amendment was taken after the Union human resources development ministry recently disallowed the business school from going ahead with its overseas expansion plan.
Taking a strong line on the issue, Human Resources Development Minister Arjun Singh said on Wednesday there would be no more IIMs or IITs in the country due to lack of funds with his ministry.
The ministry has to approve the amendment to the institute's MoA. The directors of IIMs are scheduled to meet Singh on February 1 to take up this issue.
Announcing this decision after a board meeting on Friday, Prakash G Apte, director, IIM-B, said, "This is a matter of legality and we are going ahead with the change. The plan is to establish a virtual presence in Singapore and not a physical campus. We might also look at tapping other Asian countries such as Thailand and Indonesia."
Apte, however, added that the business school had not yet taken a final decision to set up shop in Singapore.
He added that if it was allowed to start offering executive MBA courses in Singapore, IIM-B's revenues would be boosted significantly. Mukesh Ambani, chairman, IIM-B, was not able to attend Friday's meeting due to ill-health.
The board also deliberated on how to increase the intake in IIM-B.
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