New Delhi: The Indian Institute of Technology’s Startup Incubation and Innovation Centre said on Thursday that it has received funding from ICICI Securities for its Mission Bharat O2 initiative, which aims to encourage local oxygen concentrator manufacture. The initiative seeks to supply 20,000 high-quality oxygen concentrators and oxygen plants for India’s emergency response to the Covid-19 outbreak using a three-pronged approach of rapid product development, centralised sourcing, and decentralised manufacturing, according to the institute. It was also stated that the cost of these concentrators will be at least 40 per cent less than that of imported concentrators.
SIIC has already chosen eight manufacturing partners from a pool of more than 70 applicants for the production of this indigenous oxygen plant and oxygen concentrators. It plans to produce 100 units per manufacturer every day daily. Prof Amitabha Bandyopadhyay, Professor In-charge for Innovation and Incubation said: “The SIIC team at IIT Kanpur aims to turn the country into a manufacturing hub by supporting cutting-edge research and development.”
“Our incubated companies have contributed immensely since COVID-19 struck India. We want to go a step further to build a nexus of local manufacturers who will put India on the map of the global manufacturing hubs. The support from ICICI Securities is a much-needed contribution in that direction,” Prof Bandyopadhyay added.
Vijay Chandok, MD and CEO, ICICI Securities, said Providing timely and affordable healthcare facilities is a pressing need…we are inspired by their vision to make India a self-reliant nation in life-saving medical equipment by bringing together various players for a larger social cause.