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T. Murrali

Chennai, July 27 A year ago, when the constructors broke ground for IIT Madras’ heuristic research park project, the cost of the project was Rs 100 crore. Today, the project has grown substantially, both in scope and cost.

According to the revised plan, the park will have 60 per cent more room and will cost Rs 300 crore.

The IIT Madras Research Park (IMRP) – the first of its kind in India – was conceived to be a place where companies could do their research. In the words of IMRP’s Chief Executive, Ms Sandhya Sekhar, it would be a place where “the day-to-day interaction of three disparate minds – students, R&D personnel of companies and professors of IIT-M happen.” A number of companies such as Amada of Japan, Ashok Leyland, EID Parry (nutraceutical division), Midas, Reliance and TCS, have drawn up plans to set up their R&D centres in the Park.

According to the original plan, a million sq ft of space were to be constructed on a 6.5-acre of land. Now, upon demand, the size of the project has been increased to 1.6 million sq ft on a larger (11.43-acre) plot of land. Also, rise in cost of construction has gone up.

Speaking to Business Line, the Director of IIT Madras, Prof M.S. Ananth, said the first phase of the project will be ready by September.

Prof Ananth said the park would house R&D centres of companies wanting to work with IIT-M as well as companies to be incubated. Quoting international studies, he said cost of innovation in India is only a tenth of what it is in the US.

IMRP’s unique combination of companies, academicians and students would give Indian R&D a sharper competitive edge, he added.

Therefore the key was to have the park co-located to IIT-M and the search for suitable land further delayed the project. Finally, 11.43 acres of land has been allotted adjacent to IIT-M close to Tidel park and both the premises planned to be connected by an over bridge.

IMRP would have three inter-connected towers and construction of the central tower is under way. The first phase (400,000 sq ft) is being funded through a Rs 75-crore loan from Canara Bank, Rs 10 crore of contributions from alumni of IIT Madras and some advance from companies that want space there.

The Ministry of Human Resource Development is expected to sanction Rs 100 crore soft loan.

When fully functional the park would have R&D centres of about 100 companies, according to Prof Ananth.

The special purpose vehicle that is putting up the project is a not-for-profit (“Sec 25”) company.

Since it is a not-for-profit company, it is mandatory for the companies to collaborate with IIT-M. “The aspiration is to be able to position Chennai as global R&D hub,” says Ms Shekhar.

More Stories on : Research & Development | Infrastructure | Education | Tamil Nadu

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IIT-M Research Park cost rises to Rs 300 cr

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