Aluminium major NALCO Friday signed a Memorandum of Understanding (MoU) with NIT, Rourkela and NIT Rourkela Alumni Association (NITRAA) for setting up of a Centre of Excellence to develop an ecosystem for promoting entrepreneurship.
The objective of the MoU is to establish collaboration to develop entrepreneurs by supporting technology-driven start-up companies to improve manufacturing and service delivery competitiveness, the Navaratna psu said in a statement here.
The partnership, supported by IIT, ICT and Department of Science and Technology, 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, it said.
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, the release said.
K Rajeswara Rao, Additional Secretary, Ministry of Mines praised this new initiative and urged the three partners to develop an ecosystem that will encourage fresh ideas and innovative practices.
More From This Section
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 workplace.
"The hardwork and dedication of the employees are paying off in all fronts - production, productivity and profitability," Nalco CMD T K Chand said.