IIT Madras to set up $22M research park

By agencies   |   Thursday, 24 November 2005, 08:00 Hrs
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HYDERABAD: The Indian Institute of Technology, Madras is setting up a “Research park” with an investment of $22.27 million, said the institution’s Director, M S Ananth.

The major part of funding will be carried out by the corporates and about $2.27 million would come from alumni and other financial institutions. For this purposes the Tamil Nadu Government has sanctioned about 6.5 acres of land. About 85 percent of the space would be made available for the research activities taken up by the industry, while 15 percent would be set aside for incubation.

The venture has received encouraging response from corporates and several banks are willing to provide funds, Ananth said, adding, corporates from telecom, IT, biotech and automobile sectors have already initiated steps to participate in the project.

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