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Professor Sridhar Tayur, an IIT Madras (IIT M) alumnus,recently launched the 'Institute Chair' at the esteemed institutes' departmentof Management Studies.

The Chair is endowed with a sum of Rs 50 lakhs and is set upin the name of 'Rags Family Foundation', known for making various otherphilanthropic gifts in the areas of higher education, entrepreneurship,independent films, microfinance and children's health, development and safety.

The Board of Governors of IIT M created the "InstituteChair Professorship" that will be occupied by those professors who havedistinguished themselves and have been recognized by their peers for theirresearch and/or technology development, and who have excelled in teaching andservice to the Institute/ nation/ profession.

According to newspaper reports, Professor R Nagarajan, Deanof International & Alumni Relations at IIT M, welcomed the setting up ofthe Chair and said, "This is another sign of the continuing support thatIIT Madras enjoys from our alumni. They contribute time, talent and treasure,and we value them all equally."

The chair professors are appointed for a term of 5 years,after which their work is reviewed and based on the performance, an extensionis possible. In addition to other benefits, the chair professors receive amonthly honorarium.

Professor Tayur is a Ford distinguished research chair andprofessor of Operations management at theTepper school of Business, CarneigeMellon University. Tayur is known for his work in Inventory Theory, SupplyChain Management, Lean Manufacturing, Operations Strategy, and HealthcareManagement.