MoU signed to promote entrepreneurship for start-up companies

Bhubaneswar: Aluminium major NALCO has inked a Memorandum of Understanding (MoU) with NIT, Rourkela and NIT Rourkela Alumni Association (NITRAA) for creation of a Centre of Excellence with the objective of collaboration to develop entrepreneurs by supporting technology-driven start-up companies to improve manufacturing and service delivery competitiveness.

The partnership among the three partners NALCO, NIT Rourkela and NITRAA, supported by IIT, ICT and DST, is aimed at developing an ecosystem for promoting entrepreneurship, to promote a knowledge environment by collaborating with research institutes and universities in both, core and enabling technology areas.

This will foster creativity, innovation and improve competitiveness in specific technological needs of the host institute and other industries.

The incubation centre will be located at NALCO’s Research and Training Centre at Gothapatna, Bhubaneswar, where the aluminium giant is developing a world-class research facility to benefit the aluminium sector.

Dr K. Rajeswara Rao, Additional Secretary, Ministry of Mines praised this new initiative and urged the 3 partners to develop an ecosystem that will encourage fresh ideas and innovative practices.

On this occasion, NALCO rewarded 50 employees of the Company with ‘Excellence Award’, with an aim to foster a culture of high performance, professionalism and excellence at the workplace. 

Speaking on the occasion NALCO CMD TK Chand said, “The hard work and dedication of the employees are paying off in all fronts – production, productivity and profitability.”