The history of Ness Wadia College of Commerce can be traced back to June 1969 when the first Pre-degree Commerce classes had started under the auspices of the Modern Education Society. Back then the classes were held in the adjacent building of the Nowrosjee Wadia College of Arts and Science. In 1969, the Commerce wing, thus, came to be established as an independent college of commerce, named after Sir Ness Wadia, (1873-1952), the renowned industrialist and philanthropist of his times. The Modern Education Society is deeply indebted to Sir Ness as well as his brother Sir Cusrow for their unstinting support for this endeavour. The College moved into its present premises with a building of its own in 1971. The College was inaugurated on 16th July 1969, by Dr. H. V. Pataskar,the then Vice-chancellor of the University of Pune.
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