NEW DELHI: ICICI Securities, a leading financial services company, has joined hands with IIT Kanpur to support domestic manufacturing of oxygen concentrators on the scale.
The financial service firm has extended funding to the institute's Startup Incubation and Innovation Centre (SIIC) for Mission Bharat O2 (MBO2), according to a joint statement on Thursday.
The project will support local manufacturers to develop oxygen concentrators through a three-pronged approach -- rapid product development, centralised sourcing, and decentralised manufacturing.
The project is aiming to deliver 20,000 indigenous, high-quality oxygen concentrators and oxygen plants for India's emergency response to the COVID-19 pandemic.
Vijay Chandok, Managing Director and Chief Executive Officer, ICICI Securities, said the company has further extended CSR partnership with IIT Kanpur this year too for this crucial project which would help all players in the healthcare ecosystem.
"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," Amitabha Bandyopadhyay, Professor In-charge, of SIIC, said.
"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," he added.
In 2020, ICICI Securities had joined hands with IIT Kanpur for developing affordable, indigenous ventilators to save lives.