KOCHI: Times of India reported that leading gold loan company Muthoot Group is planning to invest Rs 100 crore in Kerala’s education sector over the next three years. As part of the group’s corporate social responsibility (CSR) activities, Muthoot will start engineering and management institutes in the suburbs of Kochi, the commercial hub of the state.
“The engineering college will be in a 20-acre campus at Varikkoli, near Kolencherry in Ernakulum district. Muthoot Institute of Science and Technology will only be 10 kms away from Kochi,” said George Alexander Muthoot, MD of the group.
According to him, candidates within the first 15,000 positions at the state entrance examination will be offered admission with fees at par with government-run engineering colleges. Those with more than 80% marks in Mathematics will also be considered for this.
The engineering college has received the approval of All India Council for Technical Education (AICTE) to run courses in electronics and communication, computer science, electrical and electronics, mechanical and civil engineering.
“The institutes will be run on a not-for-profit basis, under the charitable society we have formed for this purpose,” he said.
Founded in 1887 at Kozhencherry in Pathanamthitta district, the group has diversified into plantations, hospitality and healthcare, housing and infrastructure, IT, power generation, travel services and forex.
(Times of India, 6 May 2013)