Maithon Power Limited and IIT Indian School of Mines (Dhanbad) have inked an agreement to develop entrepreneurial support ecosystem in Jharkhand.

The agreement inked on the IIT(ISM) campus on Thursday evening aims to promote entrepreneurial knowledge and start-ups.

“The memorandum of understanding will be for three years to develop and strategise a sustainable entrepreneurial ecosystem in Jharkhand,” said a MPL statement.

The agreement was signed by director of IIT(ISM), Dhanbad Rajiv Shekhar, and CEO and chief eastern region generation of Maithon Power Limited (MPL), Vijayant Ranjan. “The agreement will be helpful in promoting creative entrepreneurship. Along with this, it will also prove effective in the direction of realising the dream of self-reliant India,” the statement added.

MPL produces 1050MW of electricity.

“The basic objective of the MoU is to promote entrepreneurial thinking, knowledge and innovative start-ups so that more and more youth can be opened towards entrepreneurial career. In this regard, both the institutes will jointly work on entrepreneurship, entrepreneurship development and skill enhancement. Training of youth will also be given through various mediums and other institutions will be motivated to come forward in this sector so that they can help in creating and strengthening the entrepreneurship ecosystem. Entrepreneurs will be encouraged to launch startups of products in Jharkhand whose products are currently being brought from other states and countries,” the statement added.

“It gives us immense pleasure to join hands with MPL. Employment will be created through entrepreneurship and Jharkhand will get a different identity through its product. We hope that this agreement will prove to be a milestone in the direction of employment through entrepreneurship,” said Shekhar.

“We are committed to provide value based teaching-learning. This partnership will definitely be effective in creating a positive environment in the field of entrepreneurship and more and more employment opportunities will be created for the youth of Jharkhand,” said Vijayant Ranjan.

“Jharkhand is very suitable for start-ups. With nearly 40 per cent contribution to the country’s mineral resources, Jharkhand has the potential to realize the self-reliant India campaign and provide leadership in the field of entrepreneurship. While focus on import substitution in entrepreneurship will lead to economic development, it will also create innumerable employment opportunities in Jharkhand,” said Shekhar.

The MPL CEO said the venture would identify enthusiastic rural youth and help them with technology to identify products with potential for manufacturing in Jharkhand and help entrepreneurs create the required set-up with mentorship and support.

“The entrepreneurial support ecosystem will equip them with the necessary technical and entrepreneurial skills to embark on their entrepreneurial journey with confidence. The Covid pandemic has taught a lot about how people had to cope with financial emergencies. In such a situation, this programme will be helpful in getting out of these emergencies,” said Ranjan.

CSR head of MPL Sandeep Khedwal said the objective of this agreement was to start at least 10 industries in two years. Joint efforts will be made to get loans in an easy and simple way to set up the industry.