I found this article from 2013 that says they are going to reopen Nalanda University again.

begin quote from:

http://www.bbc.com/news/business-22160989

 

 

India's ancient university returns to life

Media captionNalanda is emerging from the ruins as an image of India's rising power
It was an eminent centre of learning long before Oxford, Cambridge and Europe's oldest university Bologna were founded.
Nalanda University in northern India drew scholars from all over Asia, surviving for hundreds of years before being destroyed by invaders in 1193.
The idea of Nalanda as an international centre of learning is being revived by a group of statesmen and scholars led by the Nobel prize winning economist, Amartya Sen,
The group wants to establish a new world-class residential university with top students and researchers from around the world, on a site close to ruins of the ancient Buddhist institution in the Indian state of Bihar.
The new Nalanda International University will focus on the humanities, economics and management, Asian integration, sustainable development and oriental languages.

Old foundations

But building a top university from scratch, let alone one in a poor under-developed part of India, is a tall order.
Some doubt that an international university can flourish in such an under-developed area.
"Are top students and faculty going to be attracted to rural Bihar?" says Philip Altbach, director of the Centre for International Higher Education at Boston College in the United States.