Tata Power, one of India's largest integrated power companies and Indian Institute of Technology Madras (IITM), the country's well-known technical and research university, will collaborate in areas of research and development (R&D), consultancy, policy advocacy, advisory, training and commercialisation of technologies and
solutions, amongst others.
They have signed a Memorandum of Understanding (MoU) to facilitate this collaboration.
Considering IIT Madras' national and international excellence in technical education, basic and applied research, innovation, entrepreneurship and industrial consultancy and Tata Power's team of in-house experts, there is an immense potential for this collaboration to have a high transformational impact.
As a part of the MoU, Tata Power and IIT Madras will aim to pursue advanced research in areas of future technology. The agreement also includes campus recruitment opportunities to postgraduate students of IIT Madras.
Highlighting the unique aspects of this collaboration, Prof. Bhaskar Ramamurthi, Director, IIT Madras, said, "IIT Madras is delighted to partner with Tata Power to pursue research in topics of mutual interest and national importance and provide opportunities for employees to acquire advanced knowledge in emerging areas."
Speaking about this partnership, Dr. Praveer Sinha, CEO & MD, Tata Power, said, "We are honoured to associate with IIT Madras. Together, we will collaborate in areas of advanced technology, innovation and knowledge for sustainable changes. We are looking forward to work with some of the most talented and brilliant minds in the country."
In the last few years, Tata Power has fostered a culture of innovation, creativity and entrepreneurship within the organisation for its employees to Design, Develop and Deliver unique energy products, services and solutions. Till date, Tata Power through its Collaboration, Innovation and R&D division has partnered with more than 100 national and international technology and institutions to develop low cost, scalable solutions in the clean energy space.
A few objectives agreed upon by Tata Power and IITM as a part of the tie-up are Collaborative Research Projects including research-based and consulting projects supported by the Center for Industrial Consultancy and Sponsored Research (IC&SR), IIT Madras.
Campus Recruitment will also be covered under the MoU and will involve recruitment of IIT Madras graduates for full time employment or as interns by Tata Power subject to company's organisational needs. This activity will be facilitated by the Placement Office, IIT Madras.
Tata Power and IIT Madras may enter into modalities governing each of them with regard to research interaction visits and/or sabbaticals if any and through virtual means and / or invite each other to respective research laboratories for detailed discussions. In addition to this, Tata Power employees and IIT faculty can also participate on each other's committees and Boards.
Under this initiative, employees of Tata Power can enroll for various degree programs such as M.Tech., M.S. and Ph.D. offered by IITM after securing admission through due process into the desired programs. IITM and Tata Power personnel can also jointly or individually offer short term training programs This will benefit students of IITM as well as the employees of company on topics of mutual interest.
Tata Power and IIT Madras can also come together to engage in CSR realm. The company can also choose to make grants to support faculty research or to support students on scholarships and fellowships. Tata Power and IIT Madras may also explore to work together with the start-up companies collocated in the IITM Incubation Cell.
Shares of Tata Power Company Limited was last trading in BSE at Rs. 220.90 as compared to the previous close of Rs. 225.60. The total number of shares traded during the day was 3731831 in over 44493 trades.
The stock hit an intraday high of Rs. 226.50 and intraday low of 220.20. The net turnover during the day was Rs. 834016446.00.