Mumbai, Jul 9 (BVI): The Indian Institute of Technology (IIT) Bombay and ICICI Foundation for Inclusive Growth have signed an agreement to expand the biomedical innovation hub at the country’s premier technology and engineering institute.
Under this partnership, the ICICI Foundation has pledged Rs 70 crore to construct additional floors at the Biomedical Engineering and Technology Innovation Centre (BETIC) at IIT Bombay and equip the area with advanced facilities.
The Memorandum of Understanding (MoU) was signed by Professor Shireesh Kedare, Director, IIT Bombay, and Mr. Sanjay Datta, President, ICICI Foundation, in the presence of Mr. Pradeep Kumar Sinha, Chairman, ICICI Bank.
The new facility, named the ‘IIT-ICICI BETIC Hub’, will significantly enhance IIT Bombay’s capabilities in biomedical engineering, increasing its space fivefold to 19,700 sq. ft. The hub will foster collaboration among researchers, clinicians, and industry leaders to develop affordable, cutting-edge medical devices and diagnostic solutions. It will be equipped with state-of-the-art resources for product development, medical-grade manufacturing, safety testing, inspection, and packaging. This enhanced ecosystem will support med-tech startups and companies, train professionals in healthcare innovation, and generate high-value jobs—ultimately benefiting millions of patients.
Speaking on the collaboration, Prof. Shireesh Kedare, Director, IIT Bombay, said, “This partnership exemplifies how industry-academia alliances can drive innovation with real-world impact. With ICICI Foundation’s generous support, IIT Bombay is poised to revolutionise biomedical research and technology—addressing critical healthcare gaps in India and fostering home-grown solutions that are accessible, affordable, and scalable.”
Commenting on the initiative, Mr. Pradeep Kumar Sinha, Chairman, ICICI Bank, said, “Healthcare is a key focus of ICICI Foundation’s CSR initiatives. India’s unique healthcare challenges—high disease burden, vast rural populations, and affordability constraints—demand indigenous biomedical innovations tailored to local needs.”
“Home-grown advancements will not only reduce dependency on imports but also enable cost-effective, cutting-edge medical solutions that empower healthcare professionals and benefit millions across the country. The ‘IITB-ICICI BETIC Hub’ will facilitate the development of indigenous medical innovations, ensuring affordable healthcare solutions for patients,” he added.
So far, the ICICI Foundation has positively impacted over 2.5 million lives, enabling treatment in 550 hospitals across the country through its healthcare initiatives. These efforts include capacity building in curative care, including cancer care, cardiac care, eye care, and trauma and emergency care.
