Bharat Petroleum Corporation Limited (“BPCL”), a Fortune Global 500 Company & a Maharatna Energy Conglomerate, and IIMK LIVE, the incubation centre of Indian Institute Of Management, Kozhikode (“IIM Kozhikode”), have joined hands to strengthen the growth of start-ups in the clean energy and deep tech sectors, as part of the ‘Project Ankur’ initiative of BPCL.
Today’s Memorandum of Understanding (MoU) signing between Prof. Ashutosh Sarkar, Executive Director of IIMK LIVE, and Shri Sameet Pai, Head of Corporate Strategy, BPCL, solidifies a partnership that aims to cultivate and support innovative ideas with the potential to flourish as successful start-ups, by creating a multiplier effect that positively impacts the entire ecosystem, where IIMK LIVE will act as one of the implementation partners of this initiative and will provide incubation, mentorship, training to start-ups selected under this program.
BPCL’s Start-Up Scheme “Project Ankur” aims to develop a supportive ecosystem that nurtures entrepreneurship in the country by backing innovative ideas and concepts that have the potential to grow into start-ups. By joining hands with IIMK LIVE, BPCL aims to provide essential incubation, mentorship, and training to selected start-ups, amplifying their potential for success.
“At BPCL, we uphold the core values of ‘Innovation’ and ‘Customer Centricity and aspire to be future ready, bringing disruption in the energy sector to propel the industry towards a more sustainable future. Start-ups offer cutting-edge technology, novel perspectives, agile mind-sets, and foster an entrepreneurial culture. Therefore, this collaboration with IIMK LIVE aims to identify and form partnerships, nurturing high quality and potential start-ups,” stated Shri Sameet Pai, Head (Corporate Strategy), BPCL.
Speaking on the tie-up Prof. Debashis Chatterjee, Director IIM Kozhikode and Chairman IIMK LIVE added “India’s biggest contribution to the world has been knowledge, and the country has a lot to offer when it comes to innovations and initiatives. Sustainability is another critical aspect where we as an Institute are trying our best to develop a supportive ecosystem. This tie-up between IIMK LIVE and BPCL will be a boost to clean energy and deep tech bases start-ups and help contribute towards sustainable future.”
Through ‘Project Ankur,’ BPCL has already funded over 30 impactful start-ups, including companies like M/s Genrobotics, M/s Detect Technologies, M/s Anthill Creations, M/s Cygenica, and M/s EyeROV. These success stories stand as testament to the transformative power of innovation, bolstered by dedicated support.
About Bharat Petroleum Corporation Ltd. (BPCL):
Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the elite club of companies having greater operational & financial autonomy.
Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina Refinery have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, energy stations, aviation service stations and LPG distributors. Its distribution network comprises over 21,000 Energy Stations, over 6,200 LPG distributorships, 525 Lubes distributorships, and 123 POL storage locations, 53 LPG Bottling Plants, 70 Aviation Service Stations, 4 Lube blending plants and 4 cross-country pipelines as on 30.09.2023.
Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7000 energy stations over next 5 years.
With a focus on sustainable solutions, the company is developing a vibrant ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions. Bharat Petroleum has been partnering communities by supporting innumerable initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be an admired global energy company leveraging talent, innovation & technology.
About IIMK LIVE
IIMK LIVE is a business incubator and entrepreneurship development centre of IIM Kozhikode set-up with the support of Department of Science and Technology, Government of India. Established in June 2016, the centre is envisioned to function as a business incubator with a purpose of creating a National Centre of Excellence that promotes innovation, new business venturing and entrepreneurship.