West Bengal Chief Minister Mamata Banerjee on Tuesday laid the foundation stone for Indian Institute for Information Technology (IIIT) here in Nadia district.

According to the chief minister, the institution is the first of its kind in the country, which will have the facility to pursue higher studies, research and innovation in IT.

"It will also help stop brain drain," Mamata said in her address.

The IIIT has already started functioning with 15 students temporarily from JIS College at Kalyani.

Presently, the director of IIEST, Shibpur, Ajay Ray, is acting as the Mentor-Director of the Institute.

The admission is made through Central Seat Allocation Board and through JEE – Main.

To be set up over a 50-acre plot at Kalyani’s Buddha Park at an approximate cost of Rs.128 crore, the first phase of construction is likely to be completed by May, 2017.

CPWD has been entrusted with the construction work. Coal India Ltd. and Rolta Foundation have joined as Industry partners.

Banerjee announced on the occasion that more than 40 lakh cycles would be distributed, for which money has been kept ready.

She said that the SEBI had praised the Chit fund Bill.

"SEBI has praised our chit fund bill and stated that this should be a model for the country," she said adding 53 countries had shown interest in the Kanyasree Project for women."