research park

Tamil Nadu government has allotted 11 acres of land to Indian Institute of Technology- Madras (IIT-M) to set up a research park at the cost of Rs 100 crore.The plans and other financial arrangements for the park are ready and the project is expected to start within couple of months.The institute is also expecting a grant of at least Rs 60 crore from the Ministry of Human Resources Development to part-fund the project.The park, planned on the lines of research parks in Stanford and Massachusetts Institute of Technology, had put forward some pre-conditions for the companies, evincing interest to set up labs in the park.The companies must enter into a joint research pact with the IIT-Madras and provide internship opportunities to the students.The companies would be allowed to carry out only research in the park and not use the space for setting up sales or marketing offices. All proposals to set up labs would be scrutinised by a panel from IIT-Madras. Space would be rented out to companies at prices lower than the prevailing commercial rent.After setting up the labs in the park, the companies would have to earn credits through their operation period. Some avenues to earn credit, included teaching at IIT-Madras as adjunct faculty, pursuing a PhD at the institution and aiding ongoing research at the institute. The companies would also be evaluated every six months for credits