Miniratna Balmer Lawrie today signed an MoU with IIM Calcutta Innovation Park to provide seed fund of Rs 5 crore to start-up ideas in areas of operation of the PSU.
CMD of Balmer Lawrie Prabal Basu said that IIM Calcutta Innovation Park would incubate the start-ups by providing work space, mentoring, networking, besides giving customer and investor connect.
Launched in May 2017, the start-up programme was conceived under Prime Minister Narendra Modi's 'Start-up India' initiative, Basu said.
Under the programme, the company has received 100 applications from applicants across the country, out of which 4-5 ideas would be sent for incubation.
The fund would be spent over a period of three years, he said.
Prof Ashok Banerjee of IIM Calcutta said that the Innovation Park has left its mark in incubation of start-ups and 15 such ideas had been funded to the tune of Rs 3 crore.
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