OREANDA-NEWS. Tata Industries and Ramot at Tel Aviv University (TAU), the university’s tech transfer company, have entered into a strategic Memorandum of Understanding (MoU) to fund and generate leading edge commercialisation ready technologies in a wide range of fields, including engineering and exact sciences, environment and clean technology, pharmaceuticals and healthcare.

Under the MoU, Tata Industries, through its wholly owned overseas subsidiary, will be the lead investor in Ramot’s USD 20 million Technology Innovation Momentum Fund, which will invest in promising breakthrough technologies. Technologies with significant commercial potential will be selected by committees comprising global domain experts and Tata representatives, who will drive the process to translate such innovations into licensing opportunities for 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.

Shlomo Nimrodi, CEO, Ramot, commented, “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 TAU. The diversity of innovation at TAU, coupled with Tata’s uncompromising commitment, creates a major opportunity to impact communities across the world.”

KRS Jamwal, executive director, Tata Industries, 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.”

Commenting on the development, Prof Joseph Klafter, president, TAU, said, “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 endeavour is bearing substantial fruits.”