Tata Industries to help Tel Aviv University commercialise new technologies

Tata Industries and Ramot, the technology transfer company of Tel Aviv University, have entered into a memorandum of understanding (MoU) under which the former would fund generation and commercialisation of leading edge technologies in a wide range of fields, including engineering and basic sciences, environment and clean technology, pharmaceuticals and health care.

Under the MoU, Tata Industries through its wholly owned overseas subsidiary will be the lead investor in Ramot's $20 million technology innovation momentum fund, which in turn will invest in promising breakthrough technologies.

A committee comprising global domain experts and Tata representatives will select technologies with significant commercial potential and possibilities of licensing to industry.

Tata Industries promotes the Tata group's entry into new and high-technology businesses. It has initiated and promoted several Tata ventures in sectors like control systems, IT, auto components, advanced materials, telecom hardware and services. The Tata group, which champions deployment of technology for consumer-centric benefits, operates in seven business sectors: materials, engineering, IT and communications, energy, services, consumer products and chemicals.

''Being a lead investor, Tata will be able to see a pipeline of technologies. They will have an option to commercialise certain promising opportunities from Tel Aviv University (TAU). The diversity of innovation at TAU, coupled with Tata's uncompromising commitment, creates a major opportunity to impact communities across the world,'' Shlomo Nimrodi, CEO of Ramot, said.

 ''Tata has taken the decision to partner with Ramot and TAU with a desire to enhance capabilities of Tata companies and leverage technology as a differentiator for our businesses. An extensive due diligence process was conducted by CTOs from major Tata companies prior to this MoU and we were encouraged by the technological leadership, the passion and the commitment demonstrated by TAU. During this process, the Tata team was exposed to more than 70 promising innovations and had the opportunity to interact with leading scientists at TAU,'' commented K R S Jamwal, executive director of Tata Industries.

''We are extremely proud that Tata has selected TAU as its partner for innovation. Our joint initiative sets an example for others to follow. The MoU demonstrates TAU's long-term commitment to enhancing India-Israel relations. TAU pioneered the prestigious India-Israel Forum in 2007 with CII and Aspen India and this endeavor is bearing substantial fruits,'' added TAU president Prof Joseph Klafter.

The Tata group comprises over 100 operating companies in seven business sectors covering communications and information technology, engineering, materials, services, energy, consumer products and chemicals.

Ramot is Tel Aviv University's technology transfer company and its liaison with industry to bring promising scientific innovations made at the university to commercialise with industry.

The India-Israel Forum is an annual gathering that draws together policy makers and captains of industry in order to explore areas of bi-lateral collaboration. The forum is a joint endeavor promoted by Aspen Institute India, Tel Aviv University (TAU) and the Confederation of Indian Industry (CII) with support from the Pears Foundation, Stanley and Marion Bergman Family Charitable Trust, the Aimwell Trust and a few corporate sponsorships including Tata.