It was established in 1965 by the University of Mumbai in collaboration with the Graduate School of Business at Stanford University, its stated objectives being the pioneering and furthering of postgraduate management education in India. It has been ranked amongst the top 25 business schools in the Asia-Pacific region by Asia Inc.
The Bombay Management Association gave the institute their "Best Management Institute of the Year Award" for the year 1999 to 2000 [1].