KalingaTV News Network
Bhubaneswar: KIIT-Technology Business Incubator (KIIT-TBI) on Tuesday signed a memorandum of understanding (MoU) with Bharat Petroleum Corporation Limited (BPCL) to promote innovative and technology driven start-up companies.
A seven-member delegation of BPCL visited KIIT-TBI and signed the MoU, which will help both KIIT-TBI and BPCL in proper selection of Start-up Ideas, its evaluation, timing of Entry and Exit & other key activities relating to investing in start-up ventures.
BPCL will consider providing seed capital to Start-up companies incubated at KIIT-TBI in order to accelerate product development/market validation and scale-up.
As per the MoU, BPCL will also fund pre-incubation and early incubated activities, where KIIT-TBI will identify innovative venture ideas in specific domains. In areas like renewable energy, manufacturing, waste management, deep tech, etc, BPCL will provide mentoring support for Proof of Concept (PoC) and prototyping.
This apart, BPCL will preferentially utilize the products/technology with appropriate consent/agreement, developed by Start-ups incubated at KIIT-TBI on chargeable basis in any of its business verticals.
The agreement was inked in the presence of R. Ramachandran, Director BPCL, Manohar Rao, ED-HSSE & BIOFUELS, Arvind Krishnaswamy, CGM, Strategy and Dr. Mrutyunjay Suar, CEO of KIIT-TBI.
On this occasion, Dr. Achyuta Samanta, founder of KIIT & KISS, congratulated KIIT-TBI for such achievements and thanks the BPCL delegation.
Ms Kalinga