Indian Institute of Management Indore is a state funded management institute in Indore, Madhya Pradesh. Instituted in 1998, IIM Indore is the sixth addition to the prestigious IIM family. Known as "Prabandh Shikhar" or "Peak of Management", the scenic 193 acre (781,000 m²) campus is located atop a small hill on the outskirts of Indore. The institute has been consistently ranked among the top business schools in India. The overall acceptance rate for IIM Indore is around 0.3 to 0.4% of the applicants. IIM Indore has gradually been increasing the annual intake of students for its two year Post Graduate Diploma in Management (PGDM) course from around 50 in 1998 to 450 in 2010. On November 27, 2008 Prof. N. Ravichandran joined as the director of the institute for a period of 5 years. IIM Indore which came into existence in 1998, was established as the sixth Indian Institute of Management after IIM Calcutta (1961), IIM Ahmedabad (1963), IIM Bangalore (1972), IIM Lucknow (1984) and IIM Kozhikode (1996). The institute was the youngest among IIMs till 2008, when IIM Shillong was instituted.