The new Executive Development Centre on ISM campus in Dhanbad where the alumni association has been allotted a floor. Picture by Gautam Dey

Former students of Indian School of Mines (ISM) in Dhanbad have come up with a financial package to help various initiatives of their alma mater.

They have pooled in Rs 35 lakh to construct an entire floor of the upcoming Executive Development Centre on the campus. The Indian School of Mines Alumni Association (ISMAA) would also provide Rs 5 lakh annually to meet the expenditure of students presenting papers in foreign varsities. And led by BCCL chairman Tapas Kumar Lahiry, who is also the president of ISMAA, the alumni has decided to create a corpus of Rs 20 lakh to reward teachers and students for their exemplary work in the field of academics or research.

According to general secretary of ISMAA P.S. Mishra, of the five floors under construction at the Executive Development Centre, the association would be allotted one floor which would be developed as an ‘alumni house’, comprising an office and rooms for former students visiting the campus.

“We plan to utilise the expertise and experience of some of our senior members,” said Mishra, adding that such former students would be provided offices at the alumni house so that they can act as consultants to either government or private sector entities.

“The effort is aimed at utilising the talent and expertise of some of the tallest leaders in the industry,” said Mishra. A certain percentage of profits earned through the consultancy service would be used for the institute’s development.

Other than the floor meant for alumni activities, the rest of the executive development centre would be used for organising training programmes and other related activities in the institute.

Speaking about the Rs 5 lakh allocated for funding students selected to present papers abroad, Mishra, who is also general manger of Barora area of BCCL, said ISMAA has decided to give Rs 5 lakh each year for 10 students.

“A committee of ISM officials will select the 10 students on the basis of their academic performance, and each student would be given Rs 50,000,” said Mishra.

Confirming the development, associate dean of international relations and alumni affair V.M.S.R. Murty said the proposal for funding student presenting papers in foreign countries was mooted by him.

Murty said selected students would have to fund themselves while visiting the foreign countries and the money would be reimbursed only when they present bills on their return.

ISMAA has also decided to create a corpus fund for awarding both ISM students and teachers.

“The interest earned through the fund that would be kept as a fixed deposit would be used for awarding both students and teachers,” said Mishra. He added that while students would be awarded for academic, sporting and extra curricular activities, teachers would be awarded for their research work.

“The number of students and teachers to be awarded is yet to be decided,” said Mishra. Institute registrar Colonel (retd) M.K. Singh confirmed the contribution from ISMAA.