Carnegie Mellon Receives $35 Million Gift from Tata Consultancy Services
Gift is Largest Ever from Industry and Outside the U.S.; Will Support New Facility and Student Scholarships
PITTSBURGH and MUMBAI, India, Aug. 25, 2015 /PRNewswire/ -- Carnegie Mellon University and Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, today announced a $35 million gift from TCS to the university, marking a new era of partnerships between leaders in industry and academia.
Representing the largest corporate gift to CMU, and from outside the U.S., this donation will fund a new facility, the Tata Consultancy Services Building, which will support education and cutting-edge research by CMU faculty and students. At approximately 40,000 square-feet, the stand-alone structure will house state-of-the-art facilities, providing collaborative spaces for CMU faculty and staff. The building will provide space for TCS staff to interact with CMU faculty, staff and students.
The gift also will endow Presidential Fellowships and Scholarships, increasing the availability of a CMU education to outstanding students. In doing so, TCS, which has been at the forefront of national and grassroots campaigns to encourage science, technology, engineering, and math education, will help equip Carnegie Mellon undergraduate and graduate students with the knowledge they need for future careers.
"With our shared commitment to education and research in areas that help address many challenges of our time, the partnership with TCS is both natural and extraordinarily promising," said Subra Suresh, President of Carnegie Mellon. "Together, our two organizations have the capabilities and capacity to make breakthrough discoveries, and the scale to make societal impact on a global scale."
"TCS is proud to invest in this landmark partnership with CMU to promote market-driven innovation and accelerate advancements in technology," said Natarajan Chandrasekaran, Chief Executive Officer and Managing Director of TCS. "As global leaders, Carnegie Mellon and TCS have the intellectual power, creativity, institutional nimbleness, and global reach to capitalize on new opportunities and have a lasting impact on society and industry through cutting-edge digital research and a long-term commitment to education."
TCS joins a growing group of major technology companies moving to the Pittsburgh region in recent years. More than 250 companies now have partnerships with CMU. This groundbreaking collaboration with a multinational company headquartered outside the U.S., marks a new chapter in the region, joining a rich ecosystem of entrepreneurship supported and catalyzed by the university.
"I'm very pleased to welcome TCS to Pennsylvania," said Pennsylvania Governor Tom Wolf. "This is an exciting time as we see more and more companies establish and expand their presence in the state. Carnegie Mellon has been especially adept in attracting cutting-edge businesses to and near its campus, which helps to drive economic growth."
Among the nation's major research universities, Carnegie Mellon ranks first in startups per research dollar, according to the Association of University Technology Managers. Since 2008, CMU faculty, students and alumni have created 215 new companies.
These startup activities also will benefit from CMU's largest campus expansion since Andrew Carnegie founded the university in 1900. Work has begun on the David A. Tepper Quadrangle, the university's major new academic hub, which will be located just east of the new TCS facility.
About Carnegie Mellon University (CMU)
Carnegie Mellon is a private, internationally ranked research university with programs in areas ranging from science, technology and business, to public policy, the humanities and the arts.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India's largest industrial conglomerate, TCS has over 324,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $15.5 billion for year ended March 31, 2015 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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SOURCE Tata Consultancy Services
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