Balmer Lawrie signs MoU with IIM Lucknow for its startup program

Kolkata: Balmer Lawrie & Co. Ltd., a PSE under the Ministry of Petroleum & Natural Gas (MOPNG), signed an MoU with IIM Lucknow Enterprise Incubation Centre (IIML EIC) on February 6 for incubation of start-ups. The MoU has been signed by Balmer Lawrie's Director (Service Businesses) Adhip Nath Palchaudhuri, Director (Finance) Saurav Dutta and IIML EIC's Managing Director Yamini Bhushan Pandey in the presence of Adika Ratna Sekhar, C&MD; Abhijit Ghosh, Director (HR & CA) and Kavita Bhavsar, Company Secretary, of Balmer Lawrie & Co. Ltd. and Aditya Prasad, Head Business Development, IIML EIC.

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Balmer Lawrie had launched its startup fund in May 2017 in line with the flagship initiative of ‘Startup India’ launched by the Prime Minister Narendra Modi in 2016. Balmer Lawrie has been instrumental in driving this initiative for the last six years and funded quite a few startups to promote innovation by creating a healthy ecosystem conducive for the growth of Startups. IIML EIC has collaborated with various PSUs, Banks, MNCs as an incubation partner and has a robust structured framework of accelerator program, seed capital, corporate venture capital funds, smart co-working space, corporate market access, mentoring and training programs to foster the growth of startups.

Speaking on this, Balmer Lawrie C&MD said, “Joining hands with an institute of such repute is a major milestone in Balmer Lawrie’s journey towards the success of our Startup program. I am extremely happy to associate with IIM Lucknow Enterprise Incubation Centre and confident that jointly we shall contribute towards Nation building.”

While IIML EIC MD said, “The association between IIML EIC and Balmer Lawrie is a beginning of a new chapter for boosting the innovation ecosystem in India under the concept of Corporate Venture Capital (CVC). IIML EIC is committed to working closely with Balmer Lawrie across various Startup initiatives, ensuring a strong support to startups aligned with Balmer Lawrie’s mandate and providing a strong boost to the overall economic growth of our country thereby contributing to achieving the goal of Atmanirbhar Bharat.”

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