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A Singapore-based educational institution will set up its campus in India through a joint venture with an investment of over Rs 46 crore to offer diploma and masters in the field of business and management. 

Management Development Institute of Singapore (MDIS) will establish the university campus in Chennai with the collaboration of India's Vels Institute of Science, Technology and Advanced Studies. 

MDIS said that first intake of the students will be taken from October to pursue a variety of programmes from diploma to masters in the field of business and management. Progressively, more programmes will be added next year. Construction on the 10 million Singapore Dollar (46.69 crore) 70,000 sq ft campus in Chennai will begin in July next year. 

"Singapore's education has a stellar reputation not just in the region, but globally. There is demand from students from around the world to pursue programmes with the Singapore brand, evident from the vast number of countries that students at MDIS in Singapore come from," said Dr R Theyvendran, Secretary-General of MDIS. 

"Our existing two overseas campuses are doing well and is a further testament of the Singapore brand. This is the reason why we are taking bold steps and investing in this third overseas campus in India. We hope to fly the Singapore name high in these markets," he said in a statement. 

The Chennai University will be the third overseas campus for the Singapore-based private educational institution. MDIS has campuses in Malaysia and Tashkent.