KalingaTimes Correspondent
Bhubaneswar: The Hyderabad-based Institute of Chartered and Financial Analysts of India (ICFAI) on Tuesday signed a memorandum of understanding (MoU) with Orissa Government to set up a university in the State.

The ICFAI University will be set up on the outskirts of the Capital city at an investment of Rs. 150 crore.

Admissions to the sources will be based on merit through transparent admission process. There will be no management quota, NRI quota, donations or any capitation fee, according to N. Rajsekhar, Dean New Initiatives Group of ICFAI, Hederabad.

The organisation has already identified 75 acres of land near Jatni for construction of its university campus. The university is likely to become functional next year.

The proposed institute will generate avenues for direct and indirect employment of locals. Preference will be given to suitable local candidates in admission and recruitment process.

The university will add significant value to Orissa in developing necessary human resources that will be required in the wake of rapid industrialisation and the emerging developments taking place in IT and BPO sectors.