IIT Bombay, set up by an Act of Parliament, was established in 1958, at Powai, a northern suburb of Mumbai. Today the Institute is recognised as one of the centres of academic excellence in the country. Over the years, there has been dynamic progress at IIT Bombay in all academic and research activities, and a parallel improvement in facilities and infrastructure, to keep it on par with the best institutions in the world. Institutes in positions of excellence grow with time. The ideas and ideals on which such institutes are built evolve and change with national aspirations, national perspectives, and trends world - wide. IIT Bombay, too, is one such institution. IIT Bombay was the second IIT to be established in 1958 with assistance from UNESCO and with funds contributed by the Soviet Union. UNESCO agreed to provide equipment and technical experts mainly from the Soviet Union, while the Government of India accepted the responsibility for all other expenses including the cost of the building project and recurring expenses. IIT Bombay Main BuildingThe site chosen for the institute was Powai, eighteen miles (29 km) from the city of Bombay (Mumbai), with an area of 550 acres (2.2 km2) which was given by the then Bombay State Government. While construction was being completed, the first academic session of the Institute opened on July 25, 1958, in its temporary home at the Synthetic and Art Silk Mills Research Association (SASMIRA) building in Worli (Bombay) with 100 students.