MCL to invest Rs 4.65 crore to support 30 startups in Odisha

Mahanadi Coalfields Limited (MCL) has signed a Memorandum of Understanding (MoU) with Foundation for Technology Business Incubator (FTBI) located at National Institute of Technology (NIT), Rourkela, for supporting startups in Odisha, an official statement said. As per the provision of the agreement, MCL will invest Rs 4.65 crore to promote startups in the next three years.

MCL, under its Corporate Social Responsibility (CSR) initiative, will contribute funding to establish and run approximately 30 startups in Odisha.

The goal is to provide essential assistance to budding entrepreneurs, fostering an ecosystem conducive to innovation and job creation, the statement said.


Under the terms of the agreement, the FTBI will collaborate with MCL to provide comprehensive support to these startups, which will include seed funding, skill enhancement training, office equipment and the establishment of labs for research and development.

This initiative is expected to provide a critical boost to the startup ecosystem in Odisha by offering all necessary resources to help entrepreneurs bring their ideas to fruition.

A key focus of the project will be empowering women entrepreneurs. Various workshops and seminars will be organised to equip women with skills, knowledge and networks needed to thrive in the startup world.