In order to support the startups and innovative ideas in the field of energy sector, IIM-L has entered into collaboration with the Hindustan Petroleum Corporation Limited (HPCL). The program will support the students of IIM-L and its Noida campus, alumni of IIM and any graduate who can come up with a brilliant idea for startup.
According to the reports, the official MOU between IIM-L and HPCL was signed on July 22.
Presentations were made by the aspirants before the committee, which comprised of: executive director, HPCL, Rakesh Misri, GM, HPCL, Sanjay Kumar, senior manager, HPCL, Shantanu Mohinta, managing director of Lucknow- incubator Prof M Akbar, investors Dhianu and Arun Agarwal, and Vice- President, Lucknow-incubator, IIM-L, S Rounaque Mustafa.
Initially 150 applications were received by the IIM-L out which only 12 were shortlisted after two rounds of screening. The 12 applicants have been invited for the pitching session.
Various areas related to energy such as artificial intelligence, data analytics, Internet of Things (IoT) and solar energy were covered by the applicants in their proposals.
IIM-L's Lucknow incubator will provide the selected startups with the seed investment.
Lucknow incubator's MD Prof M Akbar thanked and congratulated the HPCL for coming forth and bringing the startup program to the Lucknow incubator.
"The agreement will unlock the unlimited and undeniable potential of the start-up ecosystem in India and translate into major impact for the economy as a whole," he said.
Soon, IIM-L will also setup incubation and research center which will help the institute in promoting innovative projects and research going on, on the campus.
The Small Industries Development Bank of India (Sidbi) has agreed to provide the funds (Rs 3.5 crore) for the incubation center.
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Hindustan Petroleum Corporation Limited