The Indian Institute of Technology (IIT) Bombay and ICICI Foundation for Inclusive Growth, the CSR arm of ICICI Bank, have entered into a partnership to expand the biomedical innovation infrastructure at IIT Bombay. Under this collaboration, ICICI Foundation has committed ₹70 crore to construct additional floors at the Biomedical Engineering and Technology Innovation Centre (BETIC) and equip them with advanced facilities.
The Memorandum of Understanding (MoU) was signed by Professor Shireesh Kedare, Director of IIT Bombay, and Sanjay Datta, President of ICICI Foundation, in the presence of Mr. Pradeep Kumar Sinha, Chairman of ICICI Bank.
The expansion will create the ‘IIT-ICICI BETIC Hub’, increasing the innovation centre’s footprint five-fold to 19,700 sq. ft. The hub is intended to promote collaboration between researchers, clinicians, and industry partners to develop medical devices and diagnostic solutions. The upgraded facility will house resources for product development, medical-grade manufacturing, safety testing, inspection, and packaging. It will also provide support to med-tech startups, train healthcare innovation professionals, and generate employment opportunities.
Professor Kedare stated, “This partnership exemplifies how industry-academia alliances can drive innovation towards 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, fostering home-grown solutions that are accessible, affordable, and scalable.”
Sinha remarked, “Healthcare is a key focus at ICICI Foundation’s CSR initiatives. India’s unique healthcare challenges — high disease burden, vast rural populations, and affordability constraints—demand indigenous innovations in biomedical, tailored to its needs. Homegrown advancement will not only reduce dependency on imports but also foster cost-effective, cutting-edge medical solutions that can empower healthcare professionals and benefit millions across the country. The partnership between ICICI Foundation and IIT Bombay aims to meet this objective. The ‘IITB-ICICI BETIC Hub’ will facilitate the development of indigenous medical innovations ensuring affordable healthcare solutions to patients. We are delighted to collaborate with IIT Bombay to drive a meaningful change in the healthcare ecosystem.”
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