A.M.M. Arunachalam the Murugappa group patriarch was the chairman of board of governors of IIT Madras from 1978 to 81.

Since its formative years, the Murugappa family and Group companies have been generous to IIT Madras and showed a keen interest in its growth and development.

Speaking during the inauguration of the auditorium at IIT Madras, chairman of AMM Foundation Mr. M.A. Alagappan said knowledge and economic development have always grown together.

IIT Madras gives its auditorium a great name

And in today’s fast-paced world of ideas, that linkage has become even stronger.

As our country aspires to ‘Make in India”, so too must we aspire to ‘develop in India’ and ‘invent in India’.

Only then can the businesses that ‘Make in India’ also be globally competitive.

While businesses are constantly seeking to innovate in terms of technology, the academic world has the multi-disciplinary expertise that can be harnessed to accelerate the development of new technologies, he said speaking during the inaugural of the auditorium at IIT Madras.

Mr. Alagappan further said IIT Madras through the IC and SR Centre has been a pioneer in facilitating and fostering the links between academia and industry and creating positive results for all stakeholders.

The IC & SR Centre’s collaborative approach has helped find solutions to complex technical and techno-commercial challenges in a wide range of areas and with a wide range of partners.

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These collaborations offer the faculty and students excellent opportunities to apply and hone their knowledge on real-world problems for the benefit of society at large, he said.

Equipped with vast experience and knowledge in managing diverse businesses, Alagappan has been actively involved with several leading industry associations.

He is a Managing Trustee of the AMM Foundation, which runs many schools and hospitals across India.

He served as the Executive Chairman of the Murugappa Group from 2006 to 2009, after decades of working in the Group in key leadership positions.

IIT Madras is proud that the former BoG Chairman’s family and their company, the Murugappa Group, continue to contribute to IIT Madras and to the community at large in several impactful ways.

Director of IIT Madras Professor Bhaskar Ramamurthi said captains of industry and doyens of Tamil Nadu like A.M.M. Arunachalam laid the strong foundations for IIT Madras to grow into the Institution of Eminence it is today.

Murugappa Group companies have been early partners of IIT Madras in several R&D projects, showing the path of industry-academia collaboration to build strong technological capabilities in the country.

We value immensely this endowment in honour of our former Chairman Board of Governors Shri. A.M.M. Arunachalam and take it as an affirmation of the support we have always received from the Murugappa Group, said IIT Madras director.

Professor Mahesh Panchagnula, dean (alumni and corporate relations) at IIT Madras said IIT Madras and Murugappa Group go a long way.

Beginning with Mr. Arunachalam who served as the Chairman of our Board, the relationship has resulted in deep collaborations that have been mutually beneficial, said Professor Mahesh.

Mr. M.M. Murugappan, Chairman, Carborundum Universal Limited, Professor Ravindra Gettu, Dean (ICSR), IIT Madras and Ms. Priya Sundaram, Senior Vice President (CSR), Institutional Advancement, IIT Madras also spoke on the occasion.

IIT Madras Incubation Cell

IIT Madras Incubation Cell and Crescent Innovation and Incubation Council (CIIC) signed a Co-Incubation Memorandum of Understanding recently.

The pact was signed at IITM Research Park.

IITMIC and CIIC recognise the importance of making successful entrepreneurs in India.

Through this MoU, IITMIC would extend holistic support to strengthen incubation ecosystems at CIIC and provide co-incubation support to select CIIC incubatees to scale and make the impact.

IITMIC will provide training, mentoring, enable networking and amplify the reach of the startups to investors, industry and potential market.

Professor Ashok JhunJhunwala, co-chairman of IITMIC said Tamil Nadu has to be the leader in incubation of technology companies.

IIT Madras Incubation Cell has already made a mark incubating 220 companies valued at ₹11,000 Crores today.

But the potential for TN is much larger. IITMIC needs to do more.

It is now partnering with other institutes for promoting entrepreneurship.

The beginning is being made by partnering with Crescent Innovation and Incubation Council.

We are sure we will together create a large number of successful entrepreneurs, he said.

Mr. Parvez Alam, CEO, CIIC said CIIC has incubated 75 startups in the domains of Life Sciences, Industry 4.0 and Mobility and Transportation.

We offer services to startups with a Triple ‘M’ strategy – Market, Money and Mentor. Our startups cumulatively have raised Rs. 5 crore of government seed fund and Rs. 40 crores of private/angel VC investments.

Our collaboration with IITMIC will accelerate our startups to become the unicorns of Tamilnadu soon, he said.

This study highlights how entrepreneurs driven by sustainability navigate the complexities of aligning economic objectives with broader societal and environmental goals, even under the pressure to prioritize profit alone, say sources from IIM Lucknow.

Values

The research emphasises how sustainability-oriented values in founders drive Sustainable Business Model Innovation (SBMI), say sources from IIM Lucknow.

This ripple effect fosters a larger ecosystem of sustainable businesses, redefining success to include positive contributions to environmental and social well-being alongside profitability.

Research

Prof. Krishna Chandra Balodi, Strategic Management, IIM Lucknow spoke about the research.

Our research illustrates the transformative influence of founders’ sustainability values on business models that address pressing global challenges, said Prof Krishna of IIM Lucknow.

These entrepreneurs redefine success by integrating their principles into their ventures, striking a balance between profit and meaningful environmental and social impact, he said.

Suscom

The research centers on “Suscom,” a startup renowned for its sustainable practices. By delving deeply into Suscom’s operations, the study revealed that the founders’ values permeate every facet of the business—from product innovation to strategic partnerships.

These values are rooted in a blend of influences, such as family upbringing, sustainability-focused education, and early career experiences with non-profits advocating for environmental and social causes, say sources from IIM Lucknow.

Attention

The research also brings attention to the unique challenges faced by sustainable startups, such as:

Recruiting employees with a sustainability mindset: Building a workforce aligned with the company’s goals.

Eco-friendly sourcing: Procuring sustainable raw materials.

Green logistics: Finding partners who offer environmentally friendly logistics solutions.

Collaborative partnerships: Working with like-minded stakeholders.

Innovative strategies: Developing creative, low-tech production methods that minimise energy consumption and environmental impact.

Standout findings

One of the standout findings is Suscom’s use of traditional and indigenous techniques to reduce energy consumption.

These methods not only align with global decarbonisation efforts but also present an eco-friendly alternative to high-energy industrial processes, say sources from IIM Lucknow.

Significance

As businesses worldwide face mounting pressure to address sustainability and climate change, this research underscores the significance of value-driven leadership, say sources from IIM Lucknow.

It serves as a beacon for entrepreneurs to adopt sustainable practices that not only ensure financial viability but also contribute meaningfully to societal and environmental progress, say sources from IIM Lucknow.

Personal values

By offering valuable insights into how personal values can catalyse sustainable innovation, the study reinforces the need for business leaders to think beyond profits and prioritise long-term, equitable growth.

In 2005, IIM Lucknow expanded its area of influence in the realm of management education by becoming the first IIM to set up a satellite campus exclusively for Executive Education at NOIDA in Delhi NCR region.

IIM Lucknow is accredited by AACSB and AMBA while its EQUIS Accreditation is ongoing. The institute features in the prestigious FT -100 Top Global Business schools for both the 2-year Flagship PGP program and One-year IPMX Program.

It is also consistently ranked amongst top business schools in the NIRF Rankings. IIM Lucknow was the first IIM to start a 2-year full time MBA program in Sustainable Management 10 years back. It also has a long-standing full-time MBA program in Agri Business Management.

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