The Department for Promotion of Industry and Internal Trade (DPIIT) has entered into a strategic partnership with ITC Limited, a diversified conglomerate, to support startup units in the manufacturing sector.
“Under this partnership, ITC intends to bring startup solutions in key areas such as digital platform for Manufacturing Execution Systems (MES), centralizing renewable energy opportunities for manufacturing sites and energy storage systems,” the department said.
It said a memorandum of understanding (MoU) has been signed, which will lay the groundwork for a partnership. Under this, ITC’s experience and expertise along with its wide market network will help DPIIT in supporting startups across the country.
“We look forward to fostering robust solutions and transformational growth to ensure a conducive environment for startups,” said Sanjeev, Joint Secretary, DPIIT.
Sumeet Kumar Jarangal, Director, Start-Up India, said that this will help in providing easy market access to startup units to find solutions as per the business needs of the organization.
ITC Corporate Affairs President Anil Rajput said the MoU will focus on digital capabilities to become future-ready and enhance operational excellence in the manufacturing sector.
The Startup India initiative, launched on January 16, 2016, has launched several programs aimed at supporting entrepreneurs, building a strong startup ecosystem, and transforming India into a nation of job creators rather than job seekers. These programs are managed by a dedicated Startup India team, which reports to the Department for Promotion of Industry and Internal Trade (DPIIT). Under the Startup India initiative, eligible companies can get recognized as startups by DPIIT to avail tax benefits, easy compliance, IPR fast-tracking and more.
ITC Limited is an Indian business conglomerate headquartered in Kolkata. It has presence in six business sectors, FMCG, hotels, agribusiness, information technology, paper products and packaging. A major portion of ITC’s revenue comes from tobacco products.
In terms of market capitalization, ITC is the second largest FMCG company in India and the third largest tobacco company in the world. It employs 36,500 people in more than 60 locations across India. Its products are available in 6 million retail stores in India and exported to 90 countries.