Financial Daily from THE HINDU group of publications
Thursday, Nov 24, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 24, 2005 |
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Industry & Economy
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Education IIT Madras to set up Rs 100-cr research park Our Bureau
Hyderabad , Nov. 23 THE Indian Institute of Technology, Madras is setting up a `Research Park', outside its campus with a seed investment of Rs 100 crore, according to its Director, Prof. M.S. Ananth. Major funding for the project is expected to come from corporates while Rs 10 crore would come from alumni and other financial institutions. The Tamil Nadu Government has already given 6.5 acres of land for the purpose, he told newspersons here on Wednesday. To be developed on the lines of the Research Parks in Stanford and MIT in the US, the Chennai facility would initially have 400,000 sq.ft. area. It would be upscaled to one million in the future, Prof. Ananth said. The Research Park would promote initiatives by scientists, research labs and the industry. About 85 per cent of the space would be made available to the research activity taken up by the industry, while 15 per cent would be set aside for incubation. The venture has received encouraging response from corporates and several banks are willing to provide funds.Prof. Ananth said corporates from telecom, IT, biotech and automobile sectors have already initiated steps to participate in the project. Prof. Ananth was in Hyderabad to participate in the 5th International conference on High Energy Materials, at the Defence Research and Development Organisation.
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