FedEx Commits USD10 Million to IIT Bombay and IIT Madras
Mumbai, India, December 12, 2023 — FedEx Express (FedEx), a subsidiary of FedEx Corp. (NYSE: FDX) and one of the world’s largest express transportation companies, has committed a USD 10 million corporate social responsibility grant to the Indian Institutes of Technology (IIT) Bombay and Madras. This collaboration reaffirms FedEx’s commitment to advancing technology, leveraging talent, sustainability, and fostering startup growth.
This initiative will contribute to the establishment of a globally recognized ‘Centre of Excellence’ (COE), strategically located within physical infrastructure on both IIT campuses. This COE will spearhead research and development while concurrently nurturing a dynamic talent pool, supporting fellowship programs for Master’s and doctorate students, and actively catalyzing the growth of the startup ecosystem in India.
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.”
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.”
Prof. V. Kamakoti, Director, IIT Madras, said, “Together with FedEx, we are determined 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.”
The collaboration between FedEx and IIT Bombay and Madras is poised to redefine logistics industry standards by synergizing technology and India’s talent pool. The primary focus will be on addressing the complexities of cross-border logistics through innovation and the seamless integration of digital intelligence.
About FedEx Express
FedEx Express is one of the world’s largest express transportation companies, supplying fast and reliable delivery to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed the delivery of time-sensitive shipments by a definite time and date.
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About IIT Bombay
Indian Institute of Technology Bombay, set up in 1958 as the second IIT, is recognised worldwide as a leader in the field of engineering education and research. The Institute was granted the status of ‘Institution of Eminence’ by the Ministry of Education (the then Ministry of Human Resources Development) on July 9, 2018. IIT Bombay is reputed for the quality of its faculty and the outstanding calibre of students graduating from its undergraduate and postgraduate programmes. The Institute has 16 academic departments, 31 (Centres/ Programmes/ Academic facilities), three schools and four Interdisciplinary programmes. Over the last six decades, more than 70,000 engineers and scientists have graduated from the Institute. It is served by more than 715 faculty members considered not only amongst the best within the country but also highly recognised in the world for achievements in the field of education and research. IIT Bombay is not only amongst the best in the country but also highly recognised in the world for achievements in the field of education and research. On June 28, 2023, IIT Bombay has been ranked first in India and 149th globally in Engineering and Technology by the Quacquarelli Symonds (QS). For the first time, the Institute broke into the top 150 universities in the QS World University Ranking 2024.
About IIT MADRAS
Indian Institute of Technology Madras (IITM) was established in 1959 by the Government of India as an ‘Institute of National Importance.’ The activities of the Institute in various fields of Science and Technology are carried out in 17 academic departments and several advanced interdisciplinary research academic centres. The Institute offers undergraduate and postgraduate programs leading to B.Tech., M.Sc., M.B.A., M.Tech., M.S., and Ph.D., degrees in a variety of specializations. IITM is a residential institute with more than 600 faculty and 9,500 students. Students from 18 countries are enrolled here. IITM fosters an active entrepreneurial culture with strong curricular support and through the IITM Incubation Cell.
Recognized as an Institution of Eminence (IoE) in 2019, IITM has been ranked No.1 in the ‘Overall’ Category for the fifth consecutive year in India Ranking 2023 released by National Institutional Ranking Framework, Ministry of Education, Govt. of India. The Institute has also been ranked No.1 in the ‘Engineering Institutions’ category in the same Rankings for eight consecutive years – from 2016 to 2023. It was also adjudged as the ‘Top Innovative Institution’ in the country in the Atal Ranking of Institutions on Innovation Achievements (ARIIA) in 2019, 2020, and 2021. ARIIA Ranking was launched by the Innovation Cell of the Ministry of Education.