Tata Steel, in association with the state government of Orissa, is planning to set up The Institute of Mathematics and Applications in Bhubaneswar.According to a release issued by Tata Steel today, the institute would be built at a cost of Rs 5 crore in the initial phase."The institute would promote fundamental research in mathematics and its applications, and provide guidance in research for doctoral and post-doctoral scholars," the release added.Naveen Patnaik, chief minister of Orissa, laid the foundation stone for the institute recently.