Rakesh Gangwal, Co-Founder of IndiGo Airlines and an alumni of the Indian Institute of Technology (IIT) Kanpur, has made one of the largest personal gifts to the institute. The School of Medical Sciences and Technology at IIT-K has received a contribution of Rs 100 crore.
Abhay Karandikar, the Director of IIT Kanpur, made the announcement on the social media channel Twitter. “From @IITKanpur, we have some exciting news. “Our alumnus Mr Rakesh Gangwal, Co-Founder of IndiGo Airlines, has given one of the largest personal gifts with a contribution of Rs 100 crore focused on assisting the School of Medical Sciences and Technology at IIT Kanpur,” he tweeted.
IIT-K Director told indianexpress.com that the institute has not yet received the whole sum. “We will receive the entire 100 crore over the course of two years, but we have already got a substantial amount,” Abhay Karandikar said. “Even without signing an agreement, he had already transferred Rs 7 crore in December.” So, I believe we will receive the full sum over the next two years, and we have already gotten a significant portion today.”
The Director of IIT Kanpur’s School of Medical Sciences and Technology describes it as “first of its type,” claiming that no other IIT branch in India has such a setup. “This is the first of its sort in the world.” “It’s the establishment of a super specialised hospital,” he explained.
According to the Director, the School of Medical Sciences and Technology has 450 budget super-specialty hospitals, 50 beds for cancer care, and roughly eight centres of excellence that will operate at the junction of engineering and medicine.
He further stated that the project’s total cost is estimated to be over Rs 600 crores, with the institute having already received around Rs 300-350 crore in gifts from alumni, including a recent donation of Rs 100 crore. As a result, work on the building and associated infrastructure will commence in the next months. The project will take another two years to complete. “It will be completely operating by 2025 or 2024,” Abhay Karandikar stated.
In terms of the contribution, the full Rs 100 crore would go toward the development of the centre and obtaining resources for it.
Rakesh Gangwal was born in Kolkata and received a bachelor’s degree in mechanical engineering from the Indian Institute of Technology Kanpur in 1975, followed by an MBA from the University of Pennsylvania’s Wharton School. He has also been honoured with the IIT-Distinguished K’s Alumnus Award. IndiGo Airlines is currently his co-founder and owner.
