He also said many details need to be worked out and it is at a concept stage. However, it is a very far-sighted step to recognise the new industry that is emerging in India, Tata added.

Asked about the duration of investment, the University of California's Chief Investment Officer, Vice President of Investments, Jagdeep Singh Bachher said they are looking at five to tens years of investment.

The partnership means there is a great runway that these opportunities have the ability to become collectively the new India which is exciting, Bachher said.

Tata also said young people coming from US universities and some of them from University of California, can work together for cementing ties involving high, low and new technologies.

Talking about the nature of partnership, Tata said the "University of California, through its system, they have areas where great assistance will come to an entrepreneur which he himself would not be able to put together, and there may be areas in our side that the University of California has not seen an outlet, but an outlet does exist."

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