New Delhi: Mahanadi Coalfields Limited (MCL) has committed Rs 4.65 crore to support 30 startups in Odisha under a three-year initiative aimed at strengthening the state’s entrepreneurial ecosystem.
The public sector unit signed a Memorandum of Understanding (MoU) with the Foundation for Technology Business Incubator (FTBI) at the National Institute of Technology (NIT), Rourkela, to implement the project. The collaboration will focus on funding, skill-building, and infrastructure development for startups, emphasizing innovation and job creation.
Under its corporate social responsibility (CSR) framework, MCL will provide financial support to emerging businesses in the state. The initiative includes seed funding, access to training programs, and resources such as office equipment and research labs. FTBI will oversee the operational aspects, offering startups technical and managerial guidance.
A key component of the project is its focus on empowering women entrepreneurs. Workshops and training sessions will be held to equip women with the necessary skills and networks to navigate the challenges of starting and scaling a business.
Officials at the MoU signing stated that the project is expected to address critical gaps in Odisha’s startup ecosystem by fostering innovation and promoting entrepreneurship. By creating opportunities for local businesses, the initiative aligns with MCL’s broader goal of sustainable development and economic upliftment in the region.
The partnership is part of MCL’s efforts to contribute to regional growth by nurturing local talent and fostering self-reliance. The project also aligns with national objectives of boosting entrepreneurship and job creation. Stakeholders expressed optimism about the initiative’s potential to deliver tangible socio-economic benefits in Odisha.
This investment marks a notable step in integrating corporate resources with local innovation, signaling MCL’s continued commitment to supporting grassroots entrepreneurship.
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