The KIIT-Technology Business Incubator (KIIT-TBI) signed an MoU with the Bharat Petroleum Corporation limited (BPCl) on Tuesday to promote innovative and technology-driven startup companies.
A seven-member BPCl delegation including Refineries Director R Ramachandran visited the KIIT-TBI and signed the MoU in the presence of KIIT-TBI CEO Dr Mrutyunjay Suar.
The MoU would help both KIIT-TBI and BPCl in proper selection of startup ideas, its valuation, timing of entry and exit and other key activities relating to investing in start-up ventures. Through KIIT-TBI, the BPCl would consider to provide seed capital to start-up companies incubated at KIIT-TBI in order to accelerate product development and market validation and scale-up.
The BPCl would preferentially utilise the products and technology, with appropriate consent/agreement, developed by startups incubated at KIIT-TBI on chargeable basis in any of its business verticals.KIIT and KISS founder Dr A Samanta congratulated the KIIT-TBI for such achievements and thanked the BPCl delegation.