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Indian Institute of Technology (IIT), Bombay to set up a research park in its Powai campus for the purpose of Research and Development (R&D), which will act as an incubator for companies. This will be launched in 2014 and the institute has sought Rs 100 crore of initial funds from the Ministry of Human Resource Development (MHRD).
"We have received in-principle approval from MHRD for this purpose. The outer limit for the project is Rs 400 crore, and in the initial phase we will need Rs 100 crore," said Professor Devang V Khakhar, Director, IIT Bombay.
Khakhar explained that they are building a 2000 square feet building where companies will set up their R&D units. These companies, whose founders need not necessarily be from an IIT, will also get an opportunity to interact with the IIT faculty. This research park will also provide space for incubators, where start-ups can be nurtured.
"While there are several incubation and research centres in other institutes, the speciality of this research park will be that they will be provided all the technology-related support that it vital for the upcoming companies," added Khakhar.
