New Delhi, Sept. 11 -- The ministry of skills development and entrepreneurship has joined hands with Tata Group to set up an Indian Institute of Skills (IIS) in Mumbai, in which the latter will invest around Rs.300 crore.

Inspired by Indian Institutes of Technology (IITs), the IIS will be developed on a public-private-partnership (PPP) model, with the land coming from the government and capital from he Tata Group.

Skills minister Mahendra Nath Pandey will lay the foundation of the institution later on Wednesday in the presence of Tata Sons chairman N. Chandrasekaran, and Larsen and Tubro group chairman A.M. Naik, according to a government invite. Naik is also the chairman of the National Skill Development Corporation.

The skills minist...