Shashi Kiran Shetty, Chairman of the Board of Governance at IIM Mumbai and Founder of Allcargo Group, emphasized that this initiative aligns with the institute's vision of fostering innovation, particularly in the fields of Artificial Intelligence (AI) and technology and its aim of further cementing its place as a leading business school not just in India, but globally.

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Speaking at the event, Shetty said, "This occasion is a key milestone in IIM Mumbai’s journey towards becoming one of the world’s top business schools. The infrastructure upgrade is part of our goal to develop a 21st-century campus that exceeds global standards. Thanks to the IIM tag and our strategic location in Mumbai, we are attracting world-class faculty and students. With cutting-edge facilities and an innovative curriculum, IIM Mumbai is poised to produce future leaders and entrepreneurs of the highest caliber."

As per the master plan, the revamp will include a state-of-the-art, net-zero campus with world-class residential accommodations for faculty and students, startup ecosystem development, and a Management Development Program center. Other facilities will include an Innovation Center focused on banking, finance, and fintech, an AI research hub, and a modern library with access to global resources. A new Management Training Center will offer certification courses, enhancing industry collaboration.

In August 2023, Mumbai’s National Institute of Industrial Engineering (NITIE) was turned into India’s 21st IIM. Set up in 1963 by the government with assistance from the UNDP and the ILO, the NITIE was famous as a business school for engineers – it used to accept only engineers for its management programmes.  Its transition to the premier institutes has only accelerated its rise in national rankings, with the institute now ranking 6th in the 2024 National Institutional Ranking Framework (NIRF).   At the event, G. Satheesh Reddy, President of the Aeronautical Society of India and former Secretary DDR&D, DRDO Chairman, and Scientific Adviser to the Defence Minister, commended IIM Mumbai for its rapid ascent in national rankings. He remarked, "In the past year, we have witnessed how IIM Mumbai has been shaping up and rapidly building its reputation. It is no small feat to climb from the 29th to the 6th position in the National Rankings in such a short time."

Prof. Manoj K Tiwari, Director of IIM Mumbai, elaborated on the institute’s forward-thinking approach, announcing the introduction of new courses to benefit both students and professionals. He emphasized the importance of fostering partnerships with Indian and international institutions, stating, "We are committed to knowledge sharing and global engagement as part of our vision to lead in innovation and sustainable development." Tiwari further mentioned plans to double the institute's current capacity of 1,200 students after the campus revamp.

However, Prof. Tiwari highlighted a key challenge facing IIM Mumbai: generating higher revenues. Previously, as NITIE, the institute received Rs 75-80 crore annually from the government. Now, as IIM Mumbai, the government has allocated only Rs 80 crore over two years (Rs 35 crore for the first year and Rs 45 crore for the second). After this period, the institute will need to be self-sustaining, like other top IIMs.

To address this, IIM Mumbai has begun implementing measures to increase revenue. For example, the fee for its two-year MBA program has been raised from Rs 15 lakh to Rs 21 lakh, which remains lower than many top business schools. The institute is also actively pursuing revenue generation through industry projects, management development programs, and other initiatives.

The infrastructure revamp, aimed at upgrading and rebuilding the campus, presents both financial and aesthetic challenges. According to Tiwari, the project will be executed in three phases over the next 5-10 years. Funding sources include Rs 100 crore from the institute's own corpus, Rs 200 crore from the Higher Education Funding Agency (HEFA), and an additional Rs 300 crore to be raised through the Viability Gap Fund (VGF). Tiwari also highlighted efforts to raise further funds from industries, noting that some companies invest in infrastructure development in exchange for having buildings named after them. "We have already signed an MoU with the Motilal Oswal Group for this purpose," he added.

With a 65-acre campus, scenic landscapes, and a strong legacy in logistics and supply chain management, IIM Mumbai is poised to continue its trajectory of excellence under the leadership of Mr. Shetty and Prof. Tiwari. The institute's focus on contributing to national policies and the "PM Gati Shakti" National Master Plan reflects its alignment with India's vision of "Naya Bharat" (New India).

As IIM Mumbai embarks on this transformative journey, the upcoming infrastructure project represents a crucial step towards positioning the institute as a global hub for management education and leadership.

The IIM Mumbai Board of Governance had partnered with KPMG to suggest how to improve the infrastructure, they had invited a team of senior architects to the campus to figure out how it can be transformed into among the best in the world.

Meanwhile Shetty added, "We are confident that this project will garner strong support from leading companies through CSR funding. It will set new benchmarks in educational infrastructure and reinforce IIM Mumbai's position as a global leader in innovation. This effort is a testament to Indian leadership’s role in driving progress not just domestically, but on the world stage."