Satyam Computer Services Limited has signed an MoU with the Indian Institute of Technology-Madras to extend support towards research and development projects for which Satyam will fund the project cost.
"We have been the beneficiaries of the talent that IIT-M has been generating over the years and we have also benefited from the interaction with the students and the faculty. We hope that this partnership grows from strength to strength with the signing of the MoU," said Satyam chairman B Ramalinga Raju.
He, however, declined to comment on the exact amount of the funding that Satyam has committed for the project. He said that the tie-up was non-exclusive thereby allowing them to tie-up with other institutes across the country.
Satyam will offer its practical domain expertise and knowledge in manufacturing, automotive and other areas of interest to IIT- M students.
IIT's role would be to help by providing academic expertise and guidance in areas like adaptive supply chain solutions, real-time extended solutions and nano technology.
The institute would also provide facilities to carry out the R&D studies. Satyam and IIT-M will work jointly to patent any significant know-how, discovery or invention that is generated as a result of the MoU.
"We have about 25-30 similar partnerships with the industry as we are finally speaking the same language now. About two thirds of our research budget is funded from the sponsored research and consultancy services that we provide to the industry," said MS Ananth, director of IIT-M.
He also made an appeal to the industry to interact more with learning institutions so that students become more aware of the opportunities abounding in the Indian industry.
"About 20 per cent of the students from the IITs go abroad, and a lot more would stay back if the exciting challenges that Indian industry offers can be made known to them. Engineers should be given similar compensation packages as MBAs, so that they have an incentive to stick with engineering," Ananth remarked.
IIT-M seeks 10 acres for 2 campuses
IIT-M is seeking an additional 10 acres of land from the government where it plans to build two campuses.
"The campuses will be adjacent to IIT-M. One of them will be called 'Technovator' where we will discover and protect intellectual property. The other will be called 'Technopark' where our alumni have evinced interest to fund and build a research facility which can be used by the industry," Ananth added.