Induction motors are the workhorses of industries. The two viable speed control schemes for the induction motor are V/f and indirect field oriented control (IFOC) technique. The voltage source inverter is the conventional power converter employed in the drive scheme. Recently, in medium power applications the multilevel inverters (MLI) are gaining more attention due to their high performance. In this work an attempt is made to develop an MLI fed induction motor drive with V/f control as well as with IFOC technique. The closed loop drive scheme is built and simulated using Matlab / Simulink. The performance of the drive scheme with both the control techniques are exhaustively studied under various conditions and the results are presented. Simulation results of IFOC scheme are provided as it exhibits better dynamic performance compared with the V/f scheme. The performance parameters of the drive with both the control schemes are compared and tabulated. © 2013 IEEE.