NMDC and i-TIC Foundation, IIT Hyderabad, have signed an agreement to support start-ups through a collaborative joint incubation program, NMDC Innovation & Incubation Centre (NICE). This is consistent with the flagship initiative of the Government of India - 'Startup India', intended to build a strong ecosystem that is conducive for the growth of start-up businesses, to drive sustainable economic growth and generate employment opportunities.
NMDC in partnership with i-TIC Foundation, IIT Hyderabad would establish the start-up eco system in the premises of IIT Hyderabad with a focus to foster, nurture and incubate start-up companies with new and innovative ideas in deep technology. NMDC would contribute tentatively Rs 10 crore for the five year joint incubation program and intends to support at least 15 start-ups.
NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.
