How Maharashtra-based Jio University fit the 'Institute of Eminence' tag -Nitin Sethi & Aditi Phadnis
Reliance set up a new company to apply for it
Within two weeks of the government formally notifying the rules for institutions of eminence, Reliance group incorporated the Reliance Foundation Institution of Education Research (RFIER), a section 8 company under the Companies Act, 2013. It is this company of the Reliance group that shall set up the Maharashtra-located Jio University, which the government has selected for the institution of eminence tag.
Two specific provisions in these rules helped the freshly-minted Reliance company in a big way. One of these required the individual members of the ‘sponsoring organisation’ of the proposed university to have a collective net worth over Rs50 billion. The other provision required the promoting group to have a proven track record of ‘translating plans into real achievements in any field (not necessarily in the field of higher education, but preferably in it)’.
Not too many groups or foundations in India whose individual members can boast of a net worth of over Rs50 billion and also a proven track record of translating plans into achievements.
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