Realizing the potentialities and needs of modernization of the plantation sector through management education and training, the Ministry of Commerce & Industry, Government of India constituted a core group in 1990 to set up a strategic institution of management education in the plantation sector.
IIPM envisaged as a centre of excellence, to act as a think tank and an intellectual resource base for the plantation and associated agri-business sector. It is an exclusive sectoral school of management in Asia, based on a new model intensive institute-industry interaction.
In November 1993, the institute was established as an autonomous educational institute of higher learning. It is jointly sponsored by Commodity Boards of India viz., Coffee Board, Tea Board, Rubber Board, Spices Board and Plantation Associations viz., UPASI and India Tea Association (ITA).
Institute is co-sponsored by the Ministry of Social Justice and Empowerment (MSJ&E), Ministry of Minority Affairs (MMA), Ministry of Human Resource Development (MHRD), Ministry of Communication & Information Technology (MCI) of Government of India and the Malankara Plantations Ltd. through meritorious and top-class educational institution scholarships and academic related recognitions.