It would be invested in any nationalised bank and 80 per cent of the interest generated out of that investment would be utilised to cover the expenses such as contingency expenditure and travel grant and remaining 20 per cent would be re - invested every year to compensate for rising price index.
Similarly, for Professor of Eminence sponsor could create a position for a minimum period of 5 years with an up front payment of Rs. 1.5 crore.
For sponsored faculty segment, the incumbent would be offered an additional honorarium of Rs. 25,000 per month over the normal pay.
Speaking on the occasion, IDCO CMD Priyabrata Patnaik said it was probably first occasion that a private player had come forward contributing handsomely to create a chair in IIT - Bhubaneswar.
Other industries should take a cure from the partnership and support the research activities which would be beneficial to both, Mr. Patnaik said.
Among others MGM Group Director R.L. Mohanty, Higher Education Secretary Madhusudan Padhi, CMD of IPICOL C. J. Venugopal, Chief Passenger Traffic Manager of East Coast Railway P.K. Mishra and CMD of B.C. Jena spoke on the occasion.
IIT Bhubaneswar inks MoU with Orissa Based MGM Group