IIT Delhi raises Rs 40 crore for science park

NEW DELHI: Indian Institute of Technology Delhi has put together an initial funding of Rs 40 crore for the first science park that is expected to come up at its campus this year or in 2017.

The funds were raised from industry, Foundation for Innovation and Technology Transfer (FITT) and IIT Delhi, said Anil Wali, managing director of FITT, an autonomous industry interface organisation of IIT Delhi.

"The total investment for the science park is about Rs 135 crore, but as of now we have initial funds in place to get the work started," Wali said.

Currently, the only place for incubation at IIT Delhi campus is the FITT facility, which is quite small. Once the science park is in place, the institute will be able to house about 100 incubators at the same time.

"This will surely lead to a lot of innovation work happening out of the IIT and also further promote entrepreneurship," said Suneet Tuli, dean-research and development at IIT Delhi.