MIT (Massachusetts Institute of Technology) is collaborating with COEP to set up FabLab project at COEP campus later this year.
FabLab is a do-it-yourself approach to innovation and its aim is to provide basic infrastructure to communities to develop practical solutions to everyday problems. It consists of basic machining tools such as laser cutting, CNC milling machine etc which can be used to create prototype designs.
More info is available here
http://www.usatoday.com/tech/news/techinnovations/2005-11-06-fab-lab_x.htm
http://fab.cba.mit.edu/about/faq/

This project needs funding ~$75K for equipment procurement, set up etc. If you are interested to help out, please contact Sushel Jadhav at susheelj@gmail.com

Thanks,

Susheel Jadhav
Co-Founder and Former Secretary,
COEP Foundation