New Delhi, July 19: The upcoming Jio Institute, which has been accorded with the 'Institute of Eminence (IoE)' status by the Ministry of Human Resource and Development, plans to gross Rs 100 crore as income in the first year from students' fees.

The institute would, however, be waiving off nearly Rs 38 crore as scholarship for meritorious students. The waiver would amount to to a reduction of Rs 6.2 lakh as income per student.

As per the financial plan of Jio Institute accessed by the The Indian Express, it aims to enroll nearly 1,000 students in its first year of operation. In its second year, the institute aims to increase its pupil-strength to 2,000. The income would accordingly rise to Rs 200 crore from students' fees, whereas, the amount of scholarship would be increased to Rs 76 crores.

By its 15th year of operation, the institute claims it would have enrolled nearly 15,000 students and would be grossing a yearly revenue of Rs 1,502 crores from students' fees.

The institute plans to come into operation from the year 2021-22. It would be based in Karjat, located 20-km away from Navi Mumbai. Reliance Industries Limited (RIL), which would be setting up the Jio Institute, has acquired an 800-acre plot in Karjat where the institution would be established.

Opposition has targeted the government over according the IoE tag to a private institute which is yet to be established. Under the normal procedure, the status is granted to institutes which are among the global-500 or the top 50 as ranked under the National Institutional Ranking Framework (NIRF). However, greenfield educational ventures which are yet to be established could also be accorded the tag if it submits a convincing perspective plan for 5 years.

(The above story first appeared on LatestLY on Jul 19, 2018 06:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).