University chancellor Dr Devanand Shinde and SPJIMR dean Dr Ranjan Banerjee signed the agreement, the state government announced.
Shivaji University is headquartered in Kolhapur and covers Satara, Sangli and Kolhapur districts.
As part of the exercise, the SPJIMR will work with Shivaji University in areas like faculty development, case writing, research, curriculum development and on select social initiatives of the Maharashtra government that are relevant to regions around Kolhapur, an official statement said.
"The government supports the enhancement of quality education through partnerships and mentorship programmes. This MoU sets a new benchmark of public-private partnership that can enhance learning and open up new opportunities for development of faculty and students," state Minister of Higher & Technical Education Vinod Tawde said.