Here's their ToI op-ed:
... The key difficulty today in starting an IIT is attracting and retaining good faculty.
To attract quality faculty, we need good students, a vibrant research environment and attractive compensation. Good students are available in plenty in India, at least at the undergraduate level. The challenges lie in the other two areas, and they cannot be met by promoting new IITs exclusively in the government sector due to resource and management constraints in the present model.
In an era of public-private partnerships (PPP), it is worth extending the PPP approach to starting new IITs. Private sector dynamism and long-term social commitment of the government can come together to create quality institutes. A modified BOT (build-operate-transfer) model can be applied here.