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$1B to wire India – U.S. donors boost technology

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A group of U.S.-based entrepreneurs of Indian origin will spend $1 billion and collaborate with leading U.S. universities to found a global science and technology institute in India, Reuters reports.

The sponsors, whose announcement coincided with President Clinton’s visit to India, already have committed $300 million to the project, Reuters says.

“This initiative establishes a new standard of philanthropy in India,”  Prime Minister Atal Behari Vajpayee told Reuters.

Donors to the project include Sycamore Networks founder Gururaj Deshpande; InfoUSA chairman Vinod Gupta; and Vinod Khosla, who was one of the founders of Sun Microsystems.

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