VEDANTA PLANS TO INVEST RS 100 CRORE IN STARTUP INITIATIVE VEDANTA SPARK
Vedanta Ltd is planning to invest about Rs 100 crore for implementing Vedanta Spark, an initiative to build technological capabilities by partnering with startups.
“At Vedanta, we will make it our duty to embrace these startup partners as we strongly believe Vedanta can derive huge enterprise value. Vedanta will make this a periodic program going forward and consider expanding this partnership with global educational and research organizations as well,” said Vedanta Group CEO Sunil Duggal.
The billionaire Anil Agarwal-led firm looks to make its presence felt and hopes add value to startups. An innovation grand challenge and corporate accelerator program initiated by Vedanta attracted over 1,350 registrations from across 19 countries with more than 250 overseas startups, the company said in a statement.
The winning 23 startups have been selected after a process of evaluation involving business executives and industry experts and under strong competition which holds the potential to deliver a business impact of around $45-50 million in this current financial year, the company.
As part of Vedanta Spark, the winners will be offered various opportunities including partnerships and collaborations, funding and investments, capacity and resources, etc., to pave the way for outcomes in operational excellence, revenue growth from new products and markets, and new digital ventures.
“These chosen startups will get pilot opportunities within Vedanta Group to implement and demonstrate business impact, opening up revenues to win commercial orders for a potential global rollout,” the company said in a statement.
“What we offer to startups is our scale. We are always open to the idea of startups using us as their playground for testing their cutting-edge technology. This is just the beginning… We welcome all these 23 startups to the Vedanta family,” Executive Sponsor Akarsh Hebbar said.
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