The Indian Institute of Technology Bombay (abbreviated IITB or IIT Bombay) is a public engineering institution located in Powai, Mumbai, India. In QS World University Rankings® 2014 IIT Bombay was ranked as India’s top university. It is the second-oldest (after Indian Institute of Technology Kharagpur) institute of the Indian Institutes of Technology system.IIT Bombay was founded in 1958. In 1961, the Parliament decreed IITs as Institutes of National Importance.