TEL AVIV, Israel, April 29, 2013 /PRNewswire/ --
Ramot at Tel Aviv University Ltd. (Ramot), the University's tech transfer company, and Tata Industries, a Tata group company, have entered into a strategic Memorandum of Understanding (MoU) to fund and generate leading edge 'commercialization ready' technologies in a wide range of fields, including engineering and exact 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 US$ 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.
Mr. Shlomo Nimrodi, the CEO of Ramot, commented, "Being a lead investor, Tata will be able to see a pipeline of technologies. They will have an option to commercialize 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."
Mr. K. R. S. Jamwal, Executive Director of 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, the TAU President Prof. Joseph Klafter, 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 endeavor is bearing substantial fruits."
About the Tata group:
The Tata group comprises over 100 operating companies in seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. The group has operations in more than 80 countries across six continents, and its companies export products and services to 85 countries. The total revenue of Tata companies, taken together, was $100.09 billion (around Rs475,721 crore) in 2011-12, with 58 percent of this coming from business outside India. Tata companies employ over 450,000 people worldwide. The Tata name has been respected in India for more than 140 years for its adherence to strong values and business ethics. Every Tata company or enterprise operates independently. Each of these companies has its own board of directors and shareholders, to whom it is answerable. There are 32 publicly listed Tata enterprises and they have a combined market capitalisation of about $94.06 billion (as on April 11, 2013), and a shareholder base of 3.8 million. The major Tata companies are Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
About Ramot at Tel Aviv University Ltd.
Ramot is Tel Aviv University's technology transfer company and its liaison to industry, bringing promising scientific innovations made at the university to commercialize with industry. The company provides the legal and commercial frameworks for inventions made by TAU faculty, students and researchers, protecting discoveries and innovations with patents and working jointly with industry to bring scientific innovations to the market.
About the India-Israel Forum
This annual gathering 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). Support for the Forum has been provided by the Pears Foundation, Stanley and Marion Bergman Family Charitable Trust, the Aimwell Trust and a few corporate sponsorships including Tata.
Media and Investors contacts:
Ramot at Tel Aviv University Ltd.
Dr. Tamar Raz, VP Strategy & Marketing
[email protected] | P. +972-3-6406580
Tata Industries Ltd.
Debasis Ray/Sarika Kapoor Chokshi/Arushi Agrawal
[email protected]; [email protected]; [email protected]
P: +91-22-66658282/ 7891/ 7564
SOURCE Ramot at Tel Aviv University