DU to set up two not-for-profit firms to raise money from alumni

New Delhi

The Delhi University (DU) is planning to set up two not-for-profit companies to seek funds from its alumni and to promote innovation. This has been stated by the DU Vice-Chancellor Yogesh Singh.

“In the centenary year, we should come towards policy reforms to make DU a better place. We are doing investments and have asked for a loan from HEFA,” he said in a statement.

The university’s Executive Council last month had approved a loan of over Rs 1,000 crore from the Higher Education Funding Agency (HEFA) for infrastructure development and the creation of capital assets.

Also read: Delhi University conducts COVID-19 vaccination drive for students, staff

The VC said that they are creating a Section 8 company for generating funds for the university. “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.

“The second company will work on incubators and promote innovation. The forms for the companies are going to be submitted soon. We will advertise for the posts of CEOs for the two companies after the approval,” he said.

Singh also mooted the idea of organising a ‘funding mela’ on the lines of a ‘job mela’ to raise funds.

“We are working to improve the research culture in the university. The recruitment process is underway and interviews for various teaching posts are going on. For the rankings to improve, our target is to increase the quantum of research,” said Singh.

“Our target is to bring the university out of ‘adhocism’ in the next one to one-and-a-half years. We are conducting interviews and ad hoc teachers can participate,” he said.

Asked about the demand in the university for a one-time absorption of ad hoc and guest teachers, he said the matter isn’t easy and is something that “plagues not only DU but other places too”.

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