The Indian Institute of Management, Ranchi, or IIM Ranchi, is a school of management located in Ranchi, Jharkhand. It is the eighth Indian Institute of Management in the country. The session for the first batch of the college began from July 2010 and admissions took place through CAT 2009. The first batch consists of 44 students from diverse backgrounds like engineering, economics etc. IIM Calcutta is the mentor institute for IIM Ranchi. R.C Bhargava, the chairman of Maruti Suzuki India, has been appointed chairman of board of governors for the college. The classes for the first batch of IIM Ranchi are being conducted in Soochna Bhavan, Ranchi before the students are finally moved to a permanent campus. The Centre has agreed to provide financial support of Rs 250 crore for the institute. Jharkhand was formed in 2000 with the aim of utilizing the huge natural resources it had, for its own development and the nation’s progress. IIM Ranchi is a further step in that direction, and its location in this abundant state will help its students to adopt the corporate culture of efficiency and productivity.