Chennai, 02 March, 2020: NMDC and i-TIC Foundation, IIT Hyderabad, today signed an agreement to support start-ups through a collaborative joint incubation program, NMDC Innovation & Incubation Centre [NICE]. This is consistent with the flagship initiative of the Government of India – “Startup India”, intended to build a strong ecosystem that is conducive for the growth of start-up businesses, to drive sustainable economic growth and generate employment opportunities.
The Collaborative agreement was signed by Shri P.K. Satpathy, Director (Production) on behalf of NMDC and Dr. B.S. Murty, Director, IIT Hyderabad & President, i-TIC Foundation, IIT – Hyderabad in presence of Shri N Baijendra Kumar, IAS, CMD, NMDC at the NMDC headquarters at Hyderabad, today. Shri Amitava Mukharjee, Director (Finance), Shri Alok Kumar Mehta, Director (Commercial), Shri Sumit Deb, Director (Personnel) and other senior officers from NMDC and IIT, Hyderabad were also present.
NMDC in partnership with i-TIC Foundation, IIT Hyderabad will establish the start-up eco system in the premises of IIT Hyderabad with a focus to foster, nurture and incubate start-up companies with new and innovative ideas in deep technology. NMDC would contribute tentatively Rs 10 Crore for the five-year joint incubation program, and intends to support at least 15 start-ups. The objective of NICE is to promote the spirit of Innovation and Entrepreneurship in the country.
Speaking on occasion Shri N Baijendra Kumar, IAS, CMD, NMDC Said “The program aims to promote innovation and entrepreneurship across pan India by converting and translating technological ideas and innovation in various disciplines of science and engineering into products, processes and services for commercial exploitation and the benefit of society”.
Dr. B.S. Murty, Director, IIT Hyderabad & President, i-TIC Foundation, IIT – Hyderabad said, this collaboration programme will be a win-win situation to everybody and take the country to new heights in developing the startup eco-system.
Deep Technology start-up companies are based on substantial scientific advances and tangible engineering innovation. It has profound enabling power and potential to catalyse change.
The NICE program offers working space, facilitates networking with professional resources like mentors, experts, apart from offering financial support to start-ups.
Salient features of NMDC Incubation program:
- Total Program budget: Rs 10 Crore
- No. of start-ups to be Incubated: 15 @ 5 per annum
- Incubation Period for each start-up: 2 years extendable by 6 months
- Period of Incubation Program: 5 Years
- Start-up Domain: Deep Technology, not limited to any specific domain
About NMDC: NMDC Ltd., a Navratna PSE under Ministry of Steel, Govt. of India is the single largest producer of iron ore in India. NMDC owns and operates highly mechanized iron ore mines in CG & Karnataka. NMDC is considered to be one of the top low-cost producers of iron ore in the world. It also operates the only mechanized diamond mine in India at Panna, MP. The company is diversifying into steel making and has undertaken several capital intensive projects to modernise and increase capacities to retain its domestic leadership and has also forayed overseas successfully.