Raipur: The Narsee Monjee Institute of Management Studies (NMIMS) will set up its campus in Nava Raipur Atal Nagar in Chhattisgarh, with the land registration and 90-year lease agreement for the institute completed on Tuesday in the presence of Chhattisgarh Chief Minister Vishnu Deo Sai.

The completion of the formalities has paved the way for the establishment of the NMIMS campus in Nava Raipur, officials said.

Speaking on the occasion, Sai said the state government has been working to ensure that the youth of Chhattisgarh do not have to move to major cities for quality and modern higher education and get opportunities offered by reputed institutions within the state.

"The proposed NMIMS is an important step towards this resolve," he said, adding that providing quality education, skill development and better employment opportunities to prepare the state's youth for future requirements is a priority of his government.

The campus will be developed on around 40 acres in Sector 18 of Nava Raipur. The land has been allotted on a 90-year lease to Shri Vile Parle Kelavani Mandal (SVKM), which operates NMIMS, an official statement said.

The state Cabinet had approved the proposal for allotment of land for the institution on January 21, following which the necessary formalities were expedited, it said.

The entire establishment process is targeted to be completed within seven years, while the first academic batch is expected to commence within two to three years. Once fully developed, the campus is expected to accommodate around 10,000 students, it said.

The establishment of NMIMS is expected to expand opportunities in higher education, skill development and employment-oriented courses in the state, besides promoting innovation and entrepreneurship, it said.

The presence of a national-level institution is also expected to strengthen collaboration between academia and industry and help create skilled human resources in line with the changing requirements of industries and services, it said.

The state government has been seeking to develop Nava Raipur as an education and knowledge hub, besides a modern city with better infrastructure and connectivity. The NMIMS campus is expected to give further impetus to this initiative, the release said.

This report was published from a syndicated wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.