Complex sentence: BHU Executive Council had approved the proposal of the HRD ministry to convert IT-BHU to IIT (BHU) Varanasi, retaining academic and administrative ties to BHU.
Split into simpler sentences: BHU Executive Council has approved the proposal of the HRD ministry to convert IT-BHU to an IIT. The new institute will be called IIT BHU, Varanasi and it will retain academic and administrative ties to BHU.