KIIT-Technology Business Incubator (KIIT-TBI) has signed a MoU with Bharat Petroleum Corporation limited (BPCL) on 5th September 2017 to promote innovative and technology driven start-up companies. 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. This MoU will help both KIIT-TBI and BPCL in proper selection of Start-up Ideas, its valuation, timing of Entry and Exit & other key activities relating to investing in start-up ventures. Through KIIT-TBI, BPCL will consider to provide seed capital to Start-up companies incubated at KIIT-TBI in order to accelerate product development/market validation & scale-up.
BPCL will also fund pre-incubation and early incubative activities, where KIIT-TBI identifies innovative venture ideas in specific domains. In the areas like renewables, manufacturing, waste management, deep tech, etc, BPCL will provide mentoring support for Proof of Concept (PoC) and prototyping. BPCL will preferentially utilize the products / technology, with appropriate consent/agreement, developed by Start-ups incubated at KIIT-TBI on chargeable basis in any of its business verticals. Dr. A. Samanta, Founder of KIIT & KISS congratulated KIIT-TBI for such achievements and thanks the BPCL delegation.