HDFC Bank supports NIFTEM to promote innovation in the food industry

Institute of Food Technology Entrepreneurship and Management (NIFTEM), Kundli, and HDFC Bank have entered into a Memorandum of Understanding to promote innovation and entrepreneurship in food processing and allied sectors. NIFTEM Kundli will soon launch a special program to invite innovators and startups from across the country with new ideas in food processing technology and related fields under this initiative. Selected startups will receive incubation support at NIFTEM, where HDFC Bank will provide grants to launch or expand the business as part of its CSR initiative, said Harinder Singh Oberoi, Director, NIFTEM. “Initially, the program aims to incubate at least  10 startups and expand the program in the future”, Oberoi said. 

The aim of the initiative is to collaborate with government, companies, venture funds, business incubators, and accelerators so that the selected start-ups tackle problems in the nutrition and other sectors, which in turn will benefit all participants in the ecosystem in general. Harinder Singh Oberoi, Director, NIFTEM Kundli, and Harmanpreet Singh Khanna, Head, Strategic Affairs and Management, HDFC Bank, signed the statement in the presence of Anita Praveen, Secretary, Ministry of Food Industry (MoFPI), and Minhaj Alam, Additional Secretary, MoFPI. . at the World Food India event on Sunday. HDFC Bank plans to continue its collaboration with NIFTEM to explore promising opportunities in the food industry. The program is implemented by NIFTEM Technology Innovation and Business Incubation Foundation (NTIBIF), a Technology Business Incubator (TBI) established by NIFTEM, which is part of the 8th Business Incubator (TBI), which aims to promote entrepreneurship in the food industry.

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