The Science and Engineering Research Board, established through an Act of Parliament, can sanction projects valued up to Rs.75 crore.
Links:
[1] http://admin.indiaenvironmentportal.org.in/news/funds-aplenty
[2] http://admin.indiaenvironmentportal.org.in/category/author/r-ramachandran-0
[3] http://admin.indiaenvironmentportal.org.in/category/newspaper/frontline-chennai
[4] http://admin.indiaenvironmentportal.org.in/category/thesaurus/science
[5] http://admin.indiaenvironmentportal.org.in/category/thesaurus/ministry-science-and-technology
[6] http://admin.indiaenvironmentportal.org.in/category/thesaurus/india