12-05-2025
- Business
- New Indian Express
NIT-Rourkela kick-starts infrastructure works for creation of capital assets
ROURKELA: In view of its growing campus strength, the National Institute of Technology-Rourkela (NIT-R) has initiated massive construction activities towards building infrastructure with the help of easy educational loan and corporate donations.
In 2023, the institute had signed an MoU with the Higher Education Financing Agency (HEFA) and secured loan support of Rs 165.81 crore under window-1 category. Subsequently, another MoU was signed towards securing Rs 33.16 crore loan from HEFA.
HEFA is a joint venture company of Canara Bank and Ministry of Education (MoE) to provide financial assistance for creation of capital assets including educational infrastructure and R&D facilities in India's premier educational institutions.
Sources said on basis of its annual earning capacity and loan repayment capability, NIT-R came under the window-1 category in which it has to only return the principal loan amount to HEFA while the MoE would pay the interest.
NIT-R registrar Prof Rohan Dhiman said after obtaining necessary forest and urban local body clearances, work is going on in full swing on multiple infrastructure projects from March. Currently, a hostel block with a capacity to accommodate 1,000 boys, a 500-seat girls hostel and 72 faculty residences are being constructed. Similarly, work on a five million litre per day sewerage treatment plant would start soon.
