The Cabinet Committee on Economic Affairs has approved the collaboration project of Indian Institute of Technology, Hyderabad (IITH) under a loan of the Japanese government and grants by the human resource ministry.
The project, costing Rs.1,776.50 crore will be financed out of the official development assistance loan of Rs.1,501.72 crore from Japan.
The balance expenses would be met by the HRD ministry over a period of four years starting from 2013-14 to 2016-17.
"The project would create value addition through collaborative interactions with academics and the industry of Japan and exchange of students and faculty," an official statement said.
"This will enhance cooperation between the two nations in the area of science and technology and human resource development. For the Indian side, the project would also help in creation of a number of basic infrastructure facilities and faster scaling up of a quality institution viz. IIT, Hyderabad with benefits for the Indian economy," the statement said.
IIT Hyderabad is one of the eight new IITs established by the central government in 2008.
