The company -- CSIR-Tech -- was registered in Pune on May 2 and eminent economist Vijay Kelkar assumed charge as Chairman of the Company four days later.
CSIR, India`s largest network of state-funded research laboratories, holds nearly 4,000 patents, including those registered in the country and abroad.
"CSIR-Tech has been set up to further enhance the innovation capacity of CSIR and to explore newer models of bringing processes, products and services to the markets," CSIR Director General Samir Brahmachari said.
CSIR-Tech has been incorporated as a Private Limited Company, to provide a truly entrepreneurial, flexible and nimble organisation, capable of functioning in a competitive environment while at the same time ensuring the best returns on investment in R&D to CSIR, he said.
The setting up of the company had its share of controversy in the selection of V S Shiva Ayyadurai, an Indian-American scientist and entrepreneur, as a business development consultant for CSIR-Tech and his subsequent removal from the post in November 2009.
There were plans to appoint him as the chief executive officer of CSIR-Tech but everything went awry when Ayyadurai levelled allegations against the CSIR top leadership. This incident led to delay in setting up the company.
CSIR-Tech`s immediate goals are to raise investment and identify partners who can raise investment for the company and to build an entrepreneurial team to lead the efforts.
To start with S Sivaram, former Director, National Chemical Laboratory and Saurabh Shrivastav have been appointed to the Board of Directors. More appointments are to the the board are expected to take place soon.