The ministry of skills development and entrepreneurship has joined hands with Tata Group to set up an Indian Institute of Skills (IIS) in Mumbai, in which they will invest around Rs 300 crore. Inspired by Indian Institutes of Technology (IITs), the IIS will be developed on a public-private-partnership (PPP) model, with the land coming from the government and capital from the Tata Group.
Mahendra Nath Pandey, Skill minister, will lay the foundation of the institution in the presence of Tata Sons chairman N. Chandrasekaran, and Larsen and Tubro group chairman A.M. Naik, according to a government invite. Naik is also the chairman of the National Skill Development Corporation.
However, two more IISs in Kanpur and Ahmedabad will also come up in the coming months. The skills ministry will construct and operate these IISs through private partners on a not-for-profit basis. The Government would provide access to its land to private partners through a 25-year long lease. Once the institutes are operational, the government expects at least 5,000 students to pass out of each of these institutes from the fifth year of operation with a placement record of at least 70 per cent.