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FedEx commits US$ 10 million investment in IIT Bombay and Madras
The primary focus will be on addressing the complexities of cross-border logistics through innovation and integration of digital intelligence.
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FedEx Express, a subsidiary of transportation and services conglomerate FedEx Corporation, has announced US$ 10 million as corporate social responsibility grant to the Indian Institutes of Technology (IIT) Bombay and Madras.
The investment showcases the firm’s commitment to advancing technology, leveraging talent, sustainability, and fostering startup growth, an official statement noted.
FedEx has claimed that the primary focus will be on addressing the complexities of cross-border logistics through innovation and integration of digital intelligence. The collaboration is poised to redefine logistics industry standards by synergizing technology and India’s talent pool.
The company believes that the initiative will contribute to the establishment of a globally recognized ‘Centre of Excellence’ (COE), fostering research and development and actively catalyzing the growth of the startup ecosystem in India.
Highlighting the company's commitment to reshaping logistics space, FedEx Corp's president and chief executive officer, Raj Subramaniam, said, "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.”
Indian Institutes of Technology (IIT) Bombay's director, professor Subhasis Chaudhuri, said, “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.”
Professor V Kamakoti, director at IIT Madras also took the opportunity to reaffirm the determination to create a hub where technology and talent converge to drive sustainable logistics. "With a specialized focus on operations research and network planning, we aim to spearhead developments that optimize efficiency, enhance strategic planning, and contribute to the broader landscape of sustainable logistics advancements," Kamakoti added.
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