The project, costing Rs 1,776.50 crore will be financed out of the official development assistance loan of Rs 1,501.72 crore from Japan. The balance expenses would be met by the HRD ministry over a period of four years starting from 2013-14 to 2016-17.

"The project would create value addition through collaborative interactions with academics and the industry of Japan and exchange of students and faculty," an official statement said.

"This will enhance cooperation between the two nations in the area of science and technology and human resource development. For the Indian side, the project would also help in creation of a number of basic infrastructure facilities and faster scaling up of a quality institution such as IIT, Hyderabad with benefits for the Indian economy," the statement said. IIT Hyderabad is one of the eight new IITs established by the Center in 2008.

(Agencies)

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