The Ministry of Commerce and Industry, the Government of India, on Wednesday announced that the Department of Promotion of Industry and Internal Trade (DPIIT) entered a strategic partnership with ITC Limited.
ITC, one of the major Indian conglomerates by mcap, signed a Memorandum of Understanding (MoU) with DPIIT in a “significant development to further promote entrepreneurship and innovation”, the ministry said in a statement.
“Notably, the MoU sets the tone for a dynamic partnership where ITC’s vast experience and expertise with the extensive market network will complement DPIIT’s initiative for supporting startups across the country,” announced the commerce ministry.
Through the partnership, ITC plans to deploy solutions such as digital platforms for manufacturing execution systems (MES), integrating renewable energy opportunities for manufacturing locations, energy storage systems, and so on, the statement read.
Sanjiv Singh, DPIIT joint secretary, said that the department looks forward to building scalable solutions and creating a “conducive environment for startups” through the deal.
Singh also highlighted how the move aligned with the Centre’s flagship initiatives such as Startup India, Make in India, and AatmaNirbhar Bharat.
ITC corporate affairs president Anil Rajput weighed in on how the MoU would help both startups and the conglomerate.
The partnership looks to focus on digital solutions in manufacturing and renewable energy, adding to ITC’s sustainable initiatives, added Rajput.