Government-owned Power Finance Corp. (PFC), India’s leading non-banking financial company (NBFC) in the power sector, has signed a memorandum of association (MoA) with the Indian Institute of Technology-Kanpur (IIT-K) to expand training, research and entrepreneurship in smart grid technologies.
Under the MoA terms, PFC will provide financial assistance of Rs 23.89 million to IIT-K under its corporate social responsibility (CSR) initiative.
R Murahari, Executive Director CSR & Sustainable Development, PFC informed that the objective of the pact was to provide support to IIT-K in developing infrastructure for research & development on smart grid technology. As part of the project, IIT-K will also provide training on smart grid technology to 90 participants and provide fellowship to nine selected candidates for the development of technology ideas.
The fellows will be assisted by the Start-up Innovation and Incubation Centre (SIIC) of IIT-K and encouraged to take up entrepreneurial activities.
M Prabhakar Das, Chief General Manager CSR & SD, PFC and Prof. Jayant Kumar Singh, Dean Resource and Alumni, IIT-K signed the agreement on behalf of their respective organisations on a virtual platform.