PGIM MF donates Rs 20 lakh to make indigenous ventilators amid coronavirus pandemic

PGIM India Mutual Fund on Wednesday said it has donated Rs 20 lakh to 'Project Breath of Hope', a unique collaborative effort led by Kerala government to design and produce fully indigenous mechanical ventilators at the cost of just Rs 15,000 per piece.

PGIM has provided a financial support of over 10 per cent of the overall cost towards this project to help accelerate the process of production in the first phase, it said in a release.

Project Breath of Hope is a collaborative effort of Kerala startup mission -- Kerala government's nodal agency for innovation and entrepreneurship -- the State Health Department, various startups and the super fab labs set up in the state in partnership with the famed Massachusetts Institute of Technology, it added.

Its assistance ofRs 20 lakh at this stage,comprises employee contribution and a matching company grant, PGIM said.

Besides, the objective of the project is to design, develop and manufacture 5,000 low cost mechanical ventilators in the next couple of weeks and deploy them in designated hospitals in rural areas.