The Cabinet Committee on Economic Affairs (CCEA) has finally given nod to the collaboration project the newly-fangled Indian Institute of Technology at Hyderabad with the government of Japan.
This joint venture is expected to bring a major boost in research capabilities of the IIT-H in the coming years. The project is upheld with the objective to create a value addition by building an academic and industry interface between the institute and Japan.
The collaboration project idea was set off during Prime Minister Manmohan Singh's visit to Japan back this year.
According to a relevant release, the project would also help in augmenting basic infrastructure facilities at the institute. Overall, the project is aimed at making strong cooperation between India and Japan in the area of science & technology and human resource development.
The total cost of the project is Rs 1,776.50 crore, which will be funded through the Official Development Assistance (ODA) loan of Rs 1,501.72 crore granted by Japanese Government and the grants of Rs. 274.77 crore given by the Indian Ministry of Human Resource & Development (MHRD).