The ICFAI University and the Bengaluru-based Parampara Family Business Institute (PFBI), set up by the GMR Group, entered into a memorandum of understanding on Thursday for academic collaboration.

The MoU is for cooperating in the areas of research, conferences, workshops, case studies and other academic activities related to family business. A press release from ICFAI said the memorandum was signed on the occasion of the Sixth Foundation Day Lecture at the University here.

Founder and chairman of GMR Group G.M. Rao, delivering the lecture, said family disputes and conflicts came in the way of Indian families from sticking together and becoming successful global businesses.