New Delhi: The Associated Chambers of Commerce and Industry of India (Assocham) Wednesday launched its own foundation to impart professional business management training to candidates from scheduled castes and scheduled tribes.

The foundation has been set up with an initial investment of Rs.50 million, and it intends to increase the size of its fund to Rs.250 million in a year's time. The education and training would be provided free of charge.

"Assocham would provide professional courses in business management to 300 SCs and STs candidates absolutely free of cost taking care of fees, boarding and lodging, books and stationery and even clothing," said D.S. Rawat, Assocham secretary general.

The body would also ensure that all the candidates who pass out are absorbed in various sectors of Indian industry.

In the last one year, Assocham, in association with various universities across the country, provided coaching facilities for 1,000 students for proficiency in English language communication, and computer skills as well as personality development.