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A new scholarship for M.B.A. students from India is now available at the University of Chicago Booth School of Business as a result of a $1 million gift from the Tobaccowala Foundation of India, the school announced today.

Students who receive the scholarship will be designated Akhtarali H. Tobaccowala Fellows, in memory of the 1952 graduate of Chicago Booth who was a director of Tata Group, chairman of Voltas Ltd., a unit of Tata, and founder of Impact India.

“My sister Moeena Iyer and I are delighted to make this gift in memory of our father so more students from India can learn from the world class Chicago Booth faculty,” said Rishad Tobaccowala, who received his M.B.A. from Booth in 1982. “Our father believed strongly in the power of education and we feel the same way,” said Tobaccowala, chief innovation and strategy officer for VivaKi, the digital and media unit of Publicis Groupe.

“Scholarship support is important in our efforts to continue attracting the best and brightest students,” said Sunil Kumar, Booth dean. “For that reason, we have as one of our goals to increase such support for students. We are very grateful to the Tobaccowala Foundation for its generous gift.”

The scholarships are available to students in Booth’s full-time M.B.A. program whose primary home is in India at the time the scholarship is received. Prospective students can apply at

During the 2011-12 school year, 83 students from India are enrolled in Booth’s full-time M.B.A. program, according to the school. Since 2001, 527 students from India have attended the program.

“India sends the most students to Chicago Booth of any country other than the U.S.,” said Kumar, who also is the George Pratt Shultz Professor of Operations Management.

The University of Chicago Booth School of Business is one of the leading business schools in the world. The school’s faculty includes many renowned scholars and its graduates include many business leaders across the U.S. and worldwide.

The Chicago Approach to Management Education is distinguished by how it leverages fundamental knowledge, its rigor, and its practical application to business challenges.

Chicago Booth offers a full-time M.B.A. program, an evening M.B.A. program, a weekend M.B.A. program and an executive M.B.A. program in Chicago, London and Singapore. The school also offers a Ph.D. program, open enrollment executive education and custom corporate education.