Chandigarh: The Punjab cabinet recently approved in principle transfer of 70 acres of land in the Knowledge City in Mohali town adjoining Chandigarh for setting up Indian School of Business (ISB) in the state.

The land, located in Sector 81 of Mohali, 15 km from here, will be given to the ISB management on lease basis, a state government spokesman said here after the cabinet meeting.

Funded entirely by private corporations, foundations and leading individuals from around the world, especially the corporate world, the ISB is ranked 12 among global B-schools.

Its only campus is at Hyderabad and the institution boasts of turning out students who get the highest starting salaries in the corporate world after passing out from ISB.

The big names associated with the ISB include Michael S. Dell (Dell Corporation), Arun Sarin (formerly Vodafone CEO), industrialist Anil Ambani, Sunil Bharti Mittal of telecom giant Airtel and several others.

The Punjab council of ministers also decided to include two additional founder-supporter partners, including Hero Honda and Bharti Airtel, besides initial four partners Max India Ltd., Bharti Enterprises Ltd., Hero Corporate Services Ltd. and Punj Llyod Ltd. IANS