The festival is to be held from November 15-17, around the time when the Supreme Court verdict on the Ayodhya dispute is likely to be announced.
IIM-L officials have approached Ayodhya Research Institute (ARI), which comes under the state culture department, to seek funds for the Ramayana-based events. The ARI, in turn, has written to the tourism department seeking sponsorship and grant of Rs 2.50 lakh for the same.
ARI director Y P Singh said that the IIM-L administration has reached out to them for collaboration.
"The idea is to ensure that the new generation, especially management students, learns about the Ramayana. Lord Ram is the oldest management guru. He raised an army of sim whose language and culture he did not understand," said Y P Singh.
He further said that ARI will arrange funds to help IIM-L students stage the play.
A quiz and an exhibition on the life of Lord Ram will also be held during the cultural festival.
Singh said that while the IIM-L students will organize the quiz, the ARI will ensure that all questions and answers in the quiz are factually correct. ARI will also organize a 1 km-long exhibition on the life of Lord Ram on the occasion.
( With inputs from IANS )