Rs 2,000 crore worth of projects for IITs get nod

NEW DELHI: In a bid to boost research and infrastructure facilities in institutes of higher education, the Higher Education Financing Agency (HEFA) that was set up by the Centre last year on Wednesday approved projects to the tune of Rs 2,066.73 crore for six institutions — IITs Bombay, Delhi, Madras, Kharagpur, Kanpur and NIT Suratkal.

These interest free loans are being provided above the usual grants provided to these institutes by the Ministry of Human Resource Development and are expected to help improve the global rankings of these institutes by providing additional funds, a ministry statement said.

Of the 27 projects approved, 16 are related to improving research facilities and the rest for making improvements in overall infrastructure.

HEFA is a joint collaboration between the HRD ministry and Canara bank (a public sector bank) and as per the scheme, it will be jointly funded with an authorised capital of Rs 2,000 crore. The government equity would be Rs 1,000 crore.

As per the scheme, HEFA will leverage the equity to raise up to Rs 20,000 crore for the funding of world-class infrastructure at the IITs, IIMs, the NITs and such other institutions that can draw funds as the project progresses and is completed.