Wednesday, April 12, 2017
The Union Cabinet that met on Wednesday under the chairman ship of the Prime Minister Narendra Modi has approved setting up of Indian Institute of Petroleum and Energy in Visakhapatnam through an act of Parliament.
The institute will have governance structure as well as legal mandate to grant degrees in a manner similar to that enjoyed by IETs. A separate Act would also impart the required status to the Institute to become a ‘Centre of Excellence’. The Cabinet also approved Rs.655.46 crore as capita expenditure to set up IIPE and contribution of Rs.200 crore towards its endowment fund in addition to a contribution of Rs.200 crore from oil companies.
The Andhra Pradesh State government has allocated 200 acres of land in Sabbavaram mandal of Visakhapatnam district. A temporary campus of IIPE started working from Andhra University campus from academic year 2016-17 with two undergraduate programmes – petroleum engineering and chemical engineering.