Bosch Group will set up an independent research centre at the Indian Institute of Science (IISc) with an investment of Rs 140 crore (Rs 1.4 billion).
This is the first time the century-old prestigious science institute is getting corporate funding from a transnational company after similar funding by the Tata group over the decades.
"As part of our 125th global anniversary, we would invest Rs 140 crore to set up a 'Robert Bosch IISc Centre for Research in Cyber Physical Systems' at IISc campus in Bangalore," Bernd Bohr, chairman of Bosch Automotive Group, said.
The proposed investment will be from the German major's ยค50-million global Bosch InterCampus programme.
"The
InterCampus programme is a significant step in the direction of the corporate world contributing to the urgent cause of funding research for a greener, cleaner and efficient way of life. I hope it sets a benchmark for many more in the industry to follow," IISc's Mechanical Sciences Department Chairman K Chattopadhyay said.
IISc would be the sole owner of the intellectual property developed at the research centre, Chattopadhyay said.
"The Bosch Group approached us and told us that they would contribute so much of amount for conducting independent research on new areas. We will have the company representatives on the governing council of the centre and take guidance for running the research centre. The idea is to make it self sustaining body over a period of seven years," he said.
This is the first time the century-old prestigious science institute is getting corporate funding from a transnational company after similar funding by the Tata group over the decades.