The new Indian Institute of Management (IIM) in Jharkhand will start functioning from June this year with a low fee structure.
A two-year postgraduate programme in management will cost Rs 6 lakh.
RC Bhargava, chairman of Maruti Suzuki India Limted and Prof BB Chakrabarti of IIM Calcutta, were appointed chairman and convener of the board of governors of the Ranchi IIM respectively.
According to the convener of the IIM Ranchi, around 70 students could be admitted in the present available infrastructure of the state-run Suchana Bhavan and Administrative Training Institute in the city.
He said the governing body is exploring the possibility of increasing the number of the students from its next session with acquisition of more premises in the city.
The convener said the process of selection of students for the Ranchi IIM would be on par with other IIMs who admitted students through the Common Aptitude Test (CAT).
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According to chairman of the board of governors R C Bhargava, IIM Ranchi would arrange educational loans from the banks to the prospective students of the institute.
Initially, IIM Calcutta will be providing faculty and Syllabi for the new institute, Bhargava added.