The second-oldest institute of the Indian Institute of Technology stable, IIT Mumbai was founded in 1958. It is one of the best engineering colleges in India. Admissions are sought after and lakhs of students sit for the entrance exam. It was the first IIT to be set-up with foreign monetary assistance, with money coming in Roubles from Soviet Union through UNESCO. Over the last 53 years approximately 39,000 engineers have successfully graduated from the institute.