SBI Life Insurance Company Ltd has signed an MoU with the IIT Bombay to establish the 'Bharat AI & Cyber Innovation Hub for Insurance'. This joint research and innovation centre aims to develop indigenous deep-technology defence systems for the insurance sector.
IIT Bombay has signed a Letter of Intent (LoI) with the State University of New York (SUNY) Old Westbury to collaborate in the fields of engineering, AI, multidisciplinary research, and higher education.
According to the “QS World University Rankings 2027” released by the Quacquarelli Symonds (QS), Massachusetts Institute of Technology (MIT) (USA) has secured the top position globally for the 15th consecutive year.
It is followed by Stanford University (USA), Imperial College London (UK), the University of Oxford (UK), and Harvard University (USA). The National University of Singapore (NUS) is ranked 10th globally, remaining the highest-ranked university in Asia.
Among Indian institutions, the IIT Delhi is the top-ranked institution for the second consecutive year, securing the 118th position globally. It is followed by IIT Bombay at 134th and IIT Madras at 170th.
Hindustan Unilever Ltd has inaugurated the Unilever Fragrance Hub (UFH) at the IIT Bombay. This is the third such global facility for the company, after the ones in the UK and the USA.
The Indian Air Force (IAF) has signed three contracts with the IIT Bombay to indigenously develop AI-driven predictive maintenance technologies.
This initiative includes the development of a digital diagnostic health index for the Sukhoi Su-30MKI fighter aircraft fleet. The Su-30MKI is a twin-engine, multi-role fighter aircraft developed by Sukhoi, Russia, and customised for India by Hindustan Aeronautics Ltd (HAL).
The National Commodities and Derivatives Exchange Ltd (NCDEX) has launched the first exchange-traded weather derivatives contract in India, named “RAINMUMBAI”, marking the entry of the country into a regulated weather-risk trading market.
Scheduled for implementation in June 2026, the contract is designed to hedge the financial exposure of rainfall extremes and variability in Mumbai. It was developed in collaboration with the IIT Bombay and is based on official rainfall data from the India Meteorological Department. The contract features a tick size of 1 millimeter (mm) with a lot multiplier of ₹50 per mm and a maximum order size of 50 lots.
Union Minister Dharmendra Pradhan has inaugurated the first Integrated Carbon Capture, Utilisation and Storage (CCUS) field laboratory facility in India at the IIT Bombay.
The facility is established under the ‘Bharat Innovates 2026’ initiative to advance research and development in carbon management. It is to be noted that the CCUS technology used in the laboratory is being promoted by UrjanovaC.
The Maritime India Foundation (MIF), the implementing agency for the Sagarmala Startup Innovation Initiative, has signed MoUs with the IIT Madras, IIT Bombay, and the Indian Maritime University (IMU) to establish Maritime Innovation Hubs (MIH).
The agreement marks the transition of the initiative into its execution phase. Under the partnership, the MIHs will mentor 36 startups that are currently developing 40 priority innovation projects to address critical challenges in the maritime sector of India.