FedEx commits $10 million corporate social responsibility grant to IIT-Bombay, IIT-Madras

Mumbai: FedEx Express on Tuesday said it has committed a corporate social responsibility grant worth $10 million to the IIT-Bombay and IIT-Madras, which would help the two institutions set up a "centre of excellence" (COE) each on their campuses.

This collaboration reaffirms FedEx's commitment to advancing technology, leveraging talent, sustainability, and fostering startup growth, the company said in a statement.

"This initiative will contribute to the establishment of a globally recognized COE, strategically located within physical infrastructure on both IIT campuses," FedEx said.

The COE will spearhead research and development while concurrently nurturing a dynamic talent pool, supporting fellowship programmes for Masters and Doctorate students, and actively catalyzing the growth of the startup ecosystem in India, said the company which provides cargo and shipment delivery services.

The collaboration between FedEx, IIT Bombay and IIT Madras is poised to redefine logistics industry standards by synergizing technology and India's talent pool, it said.

The primary focus will be on addressing the complexities of cross-border logistics through innovation and the seamless integration of digital intelligence, it stated.

"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," said Raj Subramaniam, President and CEO at FedEx.

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, said Subhasis Chaudhuri, Director, IIT Bombay.

"Our collaboration with FedEx is a significant step in supporting the development of advanced logistics," he said.

He added that 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.

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," he said.