The hallowed portals of an IIM will be more accessible to aspiring business students of this city when (IIM-T) opens on June 15 this year.

All infrastructure is in place, 12 faculty members have been chosen after stringent selection parameters and admissions had commenced, with 27 students already being chosen, Dr Prafulla Agnihotri, Director of IIM-T said.

The institute, to be inaugurated on June 15, would have a total of 60 students in the first batch, both boys and girls.

Agnihotri said the faculty would be in the institute for start of the first batch of its PostGraduate programme on Finance and Accounting, Marketing, Strategic Management, Operation and Qualitative Analysis, HR and Organisational Behaviour, Management Information System.

Though the board had sanctioned recruitment of 20 members, Agnihotri said he planned to have four or five more.

On the fee structure, he said it would cost Rs 10 lakh for the two-year programme, which included tuition fee, course materials, basic books and case study books.

"The fee is reasonable compared to other new IIMs in the country. But IIM-T will not break even in the first year.

Besides the tuition fee, students may have to pay Rs 25000 for advance mess bill and caution deposit of Rs 15,000," he said.

The IIM will temporarily function from the National Institute of Technology campus here.

Agnihotri said he was committed to make IIM-T among the top 10 B-Schools in India in five years and hoped to introduce fellowship programmes in 2012-13.

He said he had roped in more than 30 leading corporates, including MNCs, who would provide eight-week summer training programme to students at the end of the first academic year.

IIM-T has also initiated successful dialogue with leading B-Schools in Europe and USA and planned to hold talks with B-Schools in Singapore and Australia for student and faculty exchange programmes, he said.

The institute was also getting ready to launch orientation programme and satellite-based programme class and online programme for working executives, he said.