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KM needs a systematic approach to develop the evolution of knowledge into a key organizational resource. Most importantly, effective KM is now acknowledged as the key driver of new knowledge and ideas. Therefore, KM has become a significant issue in all types of organizations across the world irrespective of profit-making or not-for-profit organizations. An institution’s wide approach to KM can direct enormous improvements in creation and sharing of knowledge within the academic fraternity. In fact, academic institutions are the factory and laboratory of knowledge creation and the academicians are the best knowledge creators. Therefore, the application of KM tools and techniques in the academic sector is as important as it is in the corporate sector. The present study is an attempt to analyze the KM practices in six KM segments (i.e identification, acquisition, creation, sharing, storage and utilization) in four selected IIMs Library which seems to be the best management institutes of India and having the special status - “Institute of National Importance”. A survey method of research was adopted in this study and structured questionnaires are distributed to 504 respondents to collect primary data and resolved that KM practices are still in initial stage and need to do a lot for improvement.