Indian Institute of Technology, Bombay (IIT-B) Established in 1958, the second of its kind, IIT Bombay was the first to be set up with foreign assistance. The funds from UNESCO came as Roubles from the then Soviet Union. In 1961 Parliament decreed the  IITs as  ‘Institutes of National Importance'. Since then, IITB has grown from strength to strength to emerge as one of the top technical universities in the world.