In order to commemorate the 1991 Silver Jubilee and express their gratitude towards the institute, the 1991 batch of IIT Bombay promised to give Rs 8 crore for the legacy project at the alumni day 2016.
The batch of IIT had set up the legacy project so that the institute as well as all the stakeholders associated with it could be benefitted.
Speculations are rife that the funds will come in useful for a number of projects and will be utilized for the welfare of its students such as counseling for students, giving scholarship to students who are deserving, and enhancing the hostel facilities.
"IIT Bombay alumni have made significant contributions towards the growth of the Institute. Our aspiration is to see IIT Bombay among the top ranks of technical universities in the world. We need continued support from our alumni to realize this dream," Pramod Chaudhari, Executive Chairman of Praj Industries commented.
Chaudhari, after signing a Memorandum of Understanding, credited the institute for all his achievements so far.
Chaudhari told a leading English daily, "IIT Bombay is largely responsible for what I am today and what I have achieved. I have learned my early lessons of engineering and entrepreneurship at IITB. I am happy to collaborate with my alma mater to set-up this Learning and Teaching Centre that is aimed at fostering innovation, evidence-based practices and collaboration among students.”