February 20, 2024, New Delhi, Prime Minister Narendra Modi conducted a virtual inauguration ceremony for the IIT Bombay research park building and laid the foundation stone for academic and residential buildings at the esteemed institute. The IIT Bombay Research Park, constructed at a cost of Rs 225 crore, comprises a G+14 floor building covering 5 lakh square feet of built-up space. Funding for the project was sourced from various avenues, including a grant from the Ministry of Education, HEFA loan, and internal revenue generation by IITB.
Additionally, PM Modi laid the foundation stone for efficiency apartments, hostel 04, academic sciences blocks, bio-school, central animal facility, and academic blocks 1 and 2, with a combined project cost exceeding Rs 1,120 crore. Prof. Subhasis Chaudhuri, Director of IIT Bombay, highlighted the significance of the IITB Research Partnership program, emphasizing its role in fostering innovation and collaboration between academia and industry. The Research Park aims to serve as a center for innovation across various domains, including bioengineering, sustainability, semiconductors, AI, robotics, and more.