New Delhi, Aug 27 The Union Cabinet on Thursday approved the setting up of seven new Indian Institute's of Management (IIMs).

Information and Broadcasting Minister Ambika Soni said an allocation of Rs 451 crore as non-recurring expenditure and Rs 118 crore as recurring expenditure has been sanctioned for the first phase.

Four of these to be set up each in Trichurapally in Tamil Nadu, Ranchi in Jharkand, Raipur in Chhattisgarh and Rohtak in Haryana. All will have session in the next academic session of 2010-11.

The location of IIMs in Uttarakhand, Jammu and Kashmir and Rajasthan is yet to be finalsied. (ANI)