In 2007, Ministry of Human Resource Development proposed setting up of 7 new IIMs as a part of the 11th Five Year Plan. The proposal was also endorsed by National Development Council. 4 IIMs were supposed to be set up in 2009 in the first phase with the rest 3 being set up in 2010 in the second phase. However, because of infrastructural issues, only 2 out of the 4 IIMs could start functioning with IIM Rohtak commencing its classes from June 2010 and IIM Ranchi commencing its classes from July 2010.

Foundation of IIM Rohtak was laid on 16 November 2009, thus becoming the first IIM in North India and the only IIM in National Capital Region. Rameshan, the then dean of academic administration at IIM Kozhikode was appointed as the first director of IIM Rohtak with IIM Lucknow serving as the mentor institution for the first three years. Ravi Kant, former Managing Director of Tata Motors, joined as the Chairman of the institute. An MoU was signed with Maharshi Dayanand University to serve as the transit campus for the first five years and first batch started in June 2010 with a strength of 50 students. Haryana government provided 200 acres of land for the permanent campus and the foundation stone was laid by Kapil Sibal.