Legal hassle for IIM-B Singapore foray

The proposed foray into Singapore by the Indian Institute of Management, Bangalore (IIM-B) is likely to be delayed. The institute is facing certain legal hurdles, said IIM-B director Prakash Apte.

"There are some legal tangles affecting our Singapore venture. We need to amend our memorandum of association, for which notice has to be sent to all directors. After this, we have to get the approval from the registrar of societies. The whole process will take at least two to three months," Apte said.

Apte told reporters here on Wednesday that IIM-B was busy in designing course contents for its Singapore venture. The management programme will be launched by the end of the current year.

"We are planning to offer only short term courses in Singapore to beging with," he said.

While the Singapore plan is taking shape, IIM-B has also received offers to launch similar programmes in West Asian countries. However, there will be no other international tie-up after Singapore for the time being, Apte said.

From the next academic year, the IIM-B will increase its intake from the present 230 to 260 and raise it to 300 from the year after. The course fee is also likely to be increased from the next batch onwards. Currently, IIM-B charges Rs 1.50 lakh for its flagship two-year MBA programme.

On the performance of students at the final placements, the IIM-B director said, "There is no competition between IIM-Ahmedabad and Bangalore. It is just media hype. Sometimes IIM-A students get higher offers and sometimes our students get them. It is all linked to the general economic conditions. The salaries are higher this year because the Indian economy is doing well and the market is expanding."

New salary benchmarks for MBA placements
New benchmarks for MBAs were set with the completion of final placement at the Indian Institute of Management, Bangalore.

While the highest salary offer for foreign placement touched a record $193,000 per annum, the highest salary offer accepted for a domestic placement stood at Rs 16 lakh annum.

The average international salary this year was a whopping $90,000 and the average domestic salary of the batch increased to Rs 9 lakh. Barclays Capital, Deutsche Bank, Merrill Lynch emerged as the major recruiters.

A total of 110 companies participated, of which the number of Day Zero (first day) and international positions came to a spectacular 76 out of 182 students.

McKinsey & Co was the single largest recruiter this year, inducting 9 IIM-B students into their fold. Two companies, Bain and Co. and Goldman Sachs, have offered Rs 16 lakh to three students, who will be based at their Mumbai offices.