IMDR was established in 1974 as a constituent unit of the Deccan Education society. It took over the MBA programme of the MBA Centre of the University of Pune and the DBM programme, run in the BMCC (a sister institution) since 1968. Affiliated to the University of Pune, the IMDR was also a recognised centre for research leading to Ph D. In 1977, the IMDR became an autonomous institution by voluntarily delinking from the University of Pune. Since then it has carried on its activities, independent of the University or other statutory bodies. The rationale of this step was stated in these words: "...to make our teaching programmes, methods of teaching and examination more comprehensive, more flexible and more result-oriented....".
In 2010 The All India Council for Technical Education (AICTE) and Directorate of Technical Education(DTE) has approved IMDR's PGDM programme with an intake of 120 students.
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