Wadhwani Foundation Invests Rs 1,400 Crore in R&D

New Delhi, Apr 29 (PTI) The Wadhwani Foundation on Tuesday announced Rs 1,400-crore MoUs with various entities, including the Anusandhan National Research Foundation (ANRF), to promote research and innovation in the country.

The Wadhwani Foundation will contribute over Rs 700 crore with matching funds from ANRF, IIT Kanpur and IIT Bombay to set up two superhubs, AICTE, and 10 Wadhwani Innovation Network (WIN) centres of excellence.

The memoranda of understanding (MoUs) were signed at an event here, YUGM, which was attended by Prime Minister Narendra Modi.

Union Minister Jitendra Singh, who attended the event, posted on X, "First-of-its-kind co-funding collaboration between a government-backed apex research body and a philanthropic private foundation, accomplished through a landmark pact between 'Anusandhan National Research Foundation (#ANRF)' and 'Wadhwani Foundation'. A turning point in the research/innovation funding culture of this country, which could not have been possible without the personal indulgence of PM Sh @narendramodi".

"We are looking at emerging technologies such as AI (artificial intelligence), advanced AI, synthetic biology, quantum computing, space tech, mining... and our goal is to convert these research into products like startups and job creations," Wadhwani Foundation President and Global CEO Ajay Kela told PTI.

Wadhwani Foundation Founder Romesh Wadhwani, in a virtual address, said, "We launched our most recent initiative, the Wadhwani Innovation Network, one year ago at eight leading research institutes and the partnership agreements we have just signed today expand it dramatically."

"All our initiatives leverage our Genie AI platform, the large library of content and the large national network of experts and mentors that we have built," he added.