A MoU has been signed between KIIT-Technology Business Incubator (KIIT-TBI) and Bharat Petroleum Corporation Limited (BPCL) on 5th September 2017 at KIIT-TBI, KIIT University, Bhubaneswar to promote innovative and technology driven start-up companies. A seven member delegation of BPCL with Mr R. Ramachandran (Director Refineries), Mr Manohar Rao, (ED-HSSE & BIOFUELS) and Mr Arvind Krishnaswamy, CGM (Strategy) visited KIIT-TBI and signed the MoU in presence of Dr Mrutyunjay Suar, CEO of KIIT-TBI, start-up companies and innovators of KIIT-TBI. According to this MoU, KIIT-TBI will help BPCL in the proper selection of Start-up Ideas, its valuation, the timing of Entry and Exit and other key activities relating to investment in start-up ventures.
BPCL through KIIT-TBI may consider providing seed capital to Start-up companies incubated at KIIT-TBI in order to accelerate product development, market validation and scaling-up. BPCL may also fund pre-incubation and early incubation activities, whereas KIIT-TBI identifies innovative venture ideas in specific domains. These could be in the areas of renewable energy, manufacturing and waste management etc. BPCL would also provide mentoring support for Proof of Concept and prototyping. BPCL may preferentially utilize the products and technology with appropriate agreement developed by Start-ups incubated at KIIT-TBI on a chargeable basis in any of its business verticals. In the context, Prof. Achyuta Samanta, Founder, KIIT & KISS congratulated KIIT-TBI for such achievements and also thanked the BPCL delegation.