Tata, Tel Aviv University In Technology Tie-Up
New Delhi: Tata Industries has joined hands with Ramot at Tel Aviv University, the university's tech transfer company, to fund and generate leading edge commercialization ready technologies.
Tata Industries and Ramot at Tel Aviv University (Ramot), have entered into a strategic Memorandum of Understanding (MoU) under which Tata Industries will become the lead investor in Ramot's Technology Innovation Momentum Fund, the company said in a statement.
"Under the MoU, Tata Industries through its wholly-owned overseas subsidiary will be the lead investor in Ramot's $20 million Technology Innovation Momentum Fund, which will invest in promising breakthrough technologies," it said.
The focus of technologies will be in a wide range of fields, including engineering and exact sciences, environment and clean technology, pharmaceuticals and healthcare.
Commenting on the development, Tata Industries executive director KRS Jamwal said: "Tata has taken the decision to partner with Ramot and TAU (Tel Aviv University) with a desire to enhance capabilities of Tata companies and leverage technology as a differentiator for our businesses." An extensive due diligence process was conducted by CTOs from major Tata companies prior to this MoU and the company was encouraged by the technological leadership, the passion and the commitment demonstrated by TAU, he added.
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