Northeast India Entrepreneurs, here comes the good news for you. According to a media report, Assam-based Numaligarh Refinery Limited (NRL) has decided to promote startups in Northeast India region. The Refinery has already started the process by holding ideation in Guwahati on Tuesday.
If we talk of the funds, initially, to assist startups, company has come up with a fund of Rs 10 Crore which will come as a grant for startup venture.
Commenting on the development, P.Padmanabhan, Managing Director, NRL said, “We want to create entrepreneurship ecosystem in Northeast India. Once the ideas are submitted, jury will evaluate the same. We will evaluate if the project requires seed funding, scale up funding or any other assistance. We will tie up with incubation Centre.”
According to Padmanabhan, company will hire domain expert to assist the startup venture. He further stated that if the present fund is exhausted they will add more as for them funding is not a problem.
To create awareness about the scheme, the company has decided to reach out to different educational institutions. Further, NRL is planning to expand the refinery from 3 MMTPA (million Metric Ton per annum) to 9 MMTPA. The proposal is now with the Union Petroleum and Natural Gas.
“The proposal is in the advance stage and is with the ministry. We are expecting something on it in two to three months,” informed Padmanabhan.
Not only this, if sources to be believed, Assam government is in the process of formulating a Startup policy and will soon come up Startup Innovation Centre.