An alumnus of the Government college of engineering would assist needy students through scholarship of around Rs 1 lakh, for which the MoU was signed on Tuesday.
"Under the educational assistance scheme, Ratnakar Mungikar, director of a Mumbai-based private company has decided to support the students financially," said Nitin Bhasme, training and placement officer of the college.
Bhasme said that the memorandum was signed between the Institute Alumni Association, the alumnus and the college.
It is the first time that the college has received a financial support from an alumnus on such a scale.
"Four students, whose family's monthly income is less than Rs 15,000 per month, would be selected from the college. Each student would be provided Rs 2,000 every month which would amount to Rs 24,500 per year," Bhasme said.
The total amount disbursed to students would amount to Rs 96, 000 annually. The scheme would only be applicable to second year engineering students from all faculties.