The IITB-Monash Research Academy is a major Australian-Indian research collaboration formed in 1998 between India’s top-ranked Indian Institute of Technology Bombay (IITB) and Monash University, Australia. The IITB-Monash Research Academy is poised to be a unique global research partnership that provides innovative solutions in thematic areas of importance to industry and to Australian and Indian society. The partnership will facilitate the carrying out of research in areas of critical interest to global enterprises, especially those located in Australia and India. The partnership is geared towards PhD training on a sizeable scale, with strong industry involvement. The joint venture PhD program is unique in terms of size and scale and aims to equip graduates to take on world challenges in fields as diverse as novel approaches to drug delivery and sustainable forms of energy production.