Media


Twitter Share   Facebook Share   Linkedin Share
Go Back Back
15 Apr 2020

I-Sec supports IIT Kanpur to develop indigenized, portable, affordable and invasive ventilators in fighting Covid-19

Mumbai, April 15, 2020 - ICICI Securities, India's leading retail-led equity franchise today said, as a part of its CSR initiatives, it has joined hands with the prestigious Indian Institute of Technology Kanpur as a 'Technology Development Partner', to develop indigenized, high-end yet affordable invasive ventilators.

The ventilators are essential life saving devices that are critical for COVID-19 affected patients. It becomes critical for a country like India to start designing and manufacturing completely indigenized and low-cost invasive ventilators. To achieve this, the country must encourage Indian innovators to come to the fore, especially nimble-footed start-ups.

IIT-Kanpur, along with Nocca Robotics (a start-up incubated at Start-up Incubation and Innovation Centre IIT Kanpur - SIIC IIT Kanpur), has created a consortium with bio-medical engineers, doctors, R & D leaders, supply chain, MedTech business heads, etc., to develop a completely indigenized, invasive, portable and affordable mechanical ventilator. Under this fast-track project, by mid-May 2020, the product will be ready for market, post design, development and testing of prototypes at multiple centres.

"Covid-19 has created a pandemic and has affected the entire ecosystem. While the research work on diagnosis and cure are being done, the immediate need is ensuring affordable and low-cost life saving devices. At ICICI Securities, healthcare is one important area that we focus on CSR. We are happy to partner with IIT Kanpur, as part of our CSR initiative, in the R&D and testing of prototypes of indigenized, portable affordable and invasive ventilators. The project team has some of the brightest technical minds and they have set for themselves a very tight deadline so that the nation at large is benefitted. We are hopeful that the project meets the expectations of price and functionality," said Mr. Vijay Chandok, MD & CEO, ICICI Securities.

"At IIT Kanpur, we are doing our bit towards global efforts on fighting the Covid-19 pandemic. We learnt that ventilators will be in short supply as the number of affected patients rise and our team rose to the challenge by taking on themselves the responsibility to design ground-up an affordable yet fully functional ventilator. We are happy to partner with ICICI Securities as a Technology Development Partner to bring this project to light," said Prof. Abhay Karandikar, Director of IIT Kanpur.

About ICICI Securities

ICICI Securities Limited (I-Sec) is a subsidiary of ICICI Bank Ltd. The company began its operation in May 1995 and continues to grow its operation through expanding its client base and providing different type of services.

I-Sec operates www.icicidirect.com, India's leading virtual financial supermarket, meeting the three need sets of its clients- investments, protection, and borrowing. Through its three lines of businesses -- broking, distribution of financial products, and investment banking-- I-Sec serves customers ranging from the retail and institutional investors to corporates to high net-worth individuals to government.

I-Sec is listed on National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). For details, visit:www.icicisecurities.com

Disclaimer

Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in broking business and other financial services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. ICICI Securities Limited undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

For further details, contact:

ICICI Securities Ltd.
Rabin Ghosh
rabin.ghosh@icicisecurities.com
+91 9820530306
Adfactors PR Ltd.
Rasika Badshah
rasika.badshah@adfactorspr.com
+91 9821631379