Sibal said he had told foreign varsities that "there is a variety of involvement in educational services such as training, book, service facilities, testing, providing a range of opportunities to invest in India in these allied services, and there is no bar on surpluses even today for Indian private structure".
He, however, simultaneously cautioned them about India's firm stance of not making profits from tuition fees and the education sector.
Sibal had led a delegation to the US last week and met functionaries of leading universities, which "have expressed keenness to come to India".
The move came ahead of the introduction of the Foreign Educational Institutions (Regulation of Entry and Operations, Maintenance of Quality and Prevention of Commercialisation) Bill which will permit the entry of foreign institutions in the education sector.
Sibal held meetings with presidents and other functionaries of Harvard, Yale, Massachusetts Institute of Technology (MIT) and Boston University, among others.
"They have accepted our views that they would not make profit from the tuition fee," he said. But such institutions can undertake other projects to make profits.
As a first step, the government has set up a three-member taskforce to explore possible collaborations with MIT which will submit its report in six months.
Sibal said the government had decided to award fellowships to 100 Indo-American academics and researchers to work in Indian universities. After his interactions, Yale university has already sent a delegation to India for further discussions on the issue.
"Harvard has said that it needs further dialogue for taking a decision on the issue of opening campus or offering courses through partnership basis. Boston University will send a delegation in January," said Sibal.