This is actually what we need. Research is better than high-polluting manufacturing and BPO automatons. I wonder who will own the IPR on this. Knowing the Yanks & Limeys- its probably their companies.
The big catch here is that really advanced research is not moving out to India because of lack of cutting edge research infrastructure. However, this is a good start. After all, the Indian IT industry which is now assuming world transformation proportions first incubated in the Y2K stampede. Once we show them that we can deliver higher quality research (and not just on the cheap) - they will move better things as well.
Just as Intel, IBM & Cisco are doing. Then we can go off on our own and do our own IPR creation.