MCL To Invest Rs 4.65 Crore To Establish 30 Startups In Odisha

Sambalpur: The Mahanadi Coalfields Limited (MCL), as part of its corporate social responsibility (CSR), will provide funding to establish around 30 startups in Odisha.

MCL recently signed a memorandum of understanding (MoU) with the Foundation for Technology Business Incubator (FTBI) located at National Institute of Technology (NIT), Rourkela.

The agreement marks a significant move to foster entrepreneurship and innovation in Odisha, aimed at supporting the establishment and growth of startups in the state.

The total cost of the project is pegged at Rs 4.65 crore, spanning three years.

The project will benefit budding entrepreneurs, fostering an ecosystem conducive to innovation and job creation.

Under the terms of agreement, FTBI will collaborate with MCL to provide comprehensive support to these startups, which include seed funding, skill enhancement training, office equipment and the establishment of labs for research and development.

Significantly, the project will empower women entrepreneurs.

Various workshops and seminars will be organised to equip women with skills, knowledge and networks needed to thrive in the startup ecosystem.

The partnership between MCL and FTBI is expected to be a game-changer in transforming Odisha into a hub for innovation and entrepreneurship.