Delhi University (DU) would set up two not-for-profit companies to seek funds from its alumni and to promote innovation, said DU vice chancellor Yogesh Singh. The university has entered its centenary year, so there should be some policy reforms to make the university a better place, said Singh.
The university has asked for a loan from Higher Education Funding Agency (HEFA), he told PTI. Its executive council last month had approved a loan of more than INR 1,000 Cr from HEFA for infrastructure development and the creation of capital assets.
They are creating a Section 8 company for generating funds for the university, the VC said. “The Section 8 company will ask for funds from alumni and from companies under their CSR activities. It will be an independent company of DU and will have a professional CEO. The funding will be used for developing the university,” he said.
On the other hand, the second company will work on incubators and promote innovation. The forms for the companies are going to be submitted soon. The university would advertise for the posts of CEOs for the two companies after the approval, he said.