FedEx Grants IIT Bombay Nearly USD 5 Million to Develop Tech-Driven Solutions (image-facebook/IITBombay)Indian Institute of Technology (IIT) Bombay collaborated with FedEx Express (FedEx), a subsidiary of FedEx Corp. ,one of the world’s largest express transportation companies, to develop innovative technologies addressing key industry challenges. The multinational conglomerate has committed nearly USD 5 million corporate social responsibility grant to IIT Bombay.
Building on FedEx’s ability to drive industry-wide transformation, this association will leverage IIT Bombay’s research expertise and its robust entrepreneurial ecosystem to support the development of technologies, the incubation of promising start-ups and the creation of a highly skilled talent pool.
This association will focus on reducing cost and enhancing operational efficiency using advanced quantitative models and solution technologies in supply chain network design and planning. This collaboration will redefine logistics industry standards by synergizing technology and India’s talent pool and will address the complexities of cross-border logistics through innovation and the seamless integration of digital intelligence.
The globally recognised “Centre of Excellence” to be established at the IIT Bombay campus as an integral part of this initiative as well as the Institute’s undergraduate discipline (B.Tech.) in Industrial Engineering and Operations Research (IEOR), set to commence at the beginning of the next academic year, will play a catalytic role in fulfilling these endeavours.
While speaking about teaming up with FedEx, Prof. Subhasis Chaudhuri, Director, IIT Bombay, said, “IIT Bombay is committed to working closely with industry leaders to support the development of scalable and futuristic solutions and enable young, deserving minds that can facilitate the advancement of industries and solve the grand challenges being faced by them at the national and global level. Our collaboration with FedEx is a significant step in supporting the development of advanced logistics. These efforts in addressing some of the most pressing challenges such as digital transformation of supply chains and the integration of digital twins, will go a long way and create a profound impact.”
Commenting further on this collaboration, Raj Subramaniam, President and CEO of FedEx Corporation, underscored the significance of this initiative, stating, “At FedEx, we aspire to make supply chains smarter for everyone. Beyond reshaping the logistics landscape, we are also committed to making a meaningful contribution in our communities. We know our collaboration with these esteemed institutions will be important in achieving those goals.”