As a mark of respect for the living legend, with whom he worked in blockbusters like "Vidhaata" and "Saudagar", Ghai instituted a scholarship after the actor's name to help any talent who applies to study at the filmmaker's school in Mumbai. The student will be trained for free for two years.
"Dilip sahab taught me to bring dignity to this profession of cinema and to bring a change in cinema culture of India by setting up a creative brainstorming campus where we produce innovating skills and great story tellers," Ghai said in a statement.
"This changed my life and I put all my health and wealth in setting up Whistling Woods, which is a world brand today for its quality education. So there is a legend behind Whistling Woods and I'm glad that my daughter came up with an idea to institute a scholarship after Dilip Kumar who also inaugurated Whistling Woods in 2006 with 80 students," he added.
His daughter Meghna Ghai said they have been providing scholarships since the last five years, but it is the first time that they have instituted one after a personal name.
"Dilip Kumar brings dignity to our scholarship itself," she added.