Indian billionaire donates $38.5m to his alma mater to develop artificial intelligence

Infosys Ltd co-founder and billionaire Nandan Nilekani will donate $38.5 million to the Indian Institute of Technology Bombay (IIT Bombay), making one of the largest such gifts from a graduate in the country.

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The grant is meant to stimulate research in emerging areas and support an ecosystem of deep tech start-ups.

"It’s a tribute to the place that has given me so much and a commitment to the students who will shape our world tomorrow," said Nilekani.

IIT Bombay intends to set up centres to help startups in areas such as artificial intelligence, green energy and quantum computing. In total, the institute plans to raise $500 million over the next five years, including from alumni.

Source: Bloomberg