(News) Payback Time : Old Boy Gifts IIT-B $5 Million

News : Payback Time : Old Boy Gifts IIT-B $5 Million

The Indian Institute of Technology-Bombay (IIT-B) has received one of its largest private donations from an old boy in New York.

At an alumni gathering in the Big Apple, Romesh Wadhwani, founder of the Symphony Group, gifted his alma mater a purse of $5 million (about Rs 22 crore) to set up a research centre in the area of bio-sciences.

"The lab will work in the area of research in bio-sciences and bio-engineering," IIT-B director Ashok Misra t old TOI from New York. Details of the centre's focus areas will be worked out after discussions between Wadhwani and the bio-sciences faculty.

IIT-B deputy director Juzer Vasi said the centre would work closely with the six-year-old bio-sciences school on the campus.

An electrical engineer from the class of 1969, Wadhwani went on to get a Ph.D from Carnegie Mellon University. The trust he set up, the Wadhwani Trust, has been pro-active in the area of bio sciences, especially via the National Entrepreneurship Network that it started.

Sources in the Union human resource development ministry said Wadhwani was serious about setting up an institute of bio-science and bio-engineering. He is in the process of discussing the proposal with the government and is scouting for land for the school.

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Courtesy : timesofindia.indiatimes.com

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