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Business Buzz at IIT Madras
Posted on: 29/Jan/2016 9:33:15 AM
About six years after the first phase of the Indian Institute of Technology, Madras`s Research Park took off, its much larger second phase is set to throw open its doors for business. Among the project`s salient features are a number of independent research facilities, a large expansion in space for its incubator cell and a brand new incubator for MedTech startups.
Harmonizing to Bhaskar Ramamurthi, director, IIT-Madras, the second phase involved a total capital expense of Rs 420 crore so far, with Rs 100 crore obtained as a grant from the Ministry of Human Resource Development, and the rest funded through debt and contributions.
Although the official launch date for the second phase is not yet determined, Saint Gobain, which has reportedly taken up nearly 140,000 sq ft in the project, is set to inaugurate its India R&D facility in January 29. But Saint Gobain and its large sitting up are not the only ones in the second phase will boast of. According to Ramamurthi, phase 2 was also likely have a brand new incubator for Medical Technology startups, overseen by IIT-Madras`s highly successful Health Technology Innovation Centre ((HTIC).
Ramamurthi said, It is likely we will be adding to the list of specialized incubators that will work from the research park during this expansion. The MedTech incubator will be overseen by HTIC, since they have shown that they have expertise in this sector and will join our Rural Technology and Business Incubator and the BioTech incubator that are currently working from there.
The HTIC has actually clubbed its budget for the incubator and a planned MedTech core facility to come up for Rs 20 crore. The expansion is expected to add around 100,000 sqft to the 30,000 sqft available at the research park to the IIT-Madras Incubator Cell.
Ramamurthi said, This should fit in quite well with our expectations. Even planning for an addition of 25 startups a year, factoring in that they would stay for three to four years each, we would need a lot more than what the first phase will provide us. The second phase is also likely to add nearly 100 firms to the 50 odd now at the park.
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