The National Institute of Food Technology Entrepreneurship and Management (NIFTEM), Kundli, and HDFC Bank have signed a statement of intent to nurture innovation and entrepreneurship in food processing and allied sectors.

NIFTEM Kundli will shortly launch a special programme calling innovators and start-ups across the country, who have novel ideas in food processing technology and related areas, under this initiative. The selected start-ups will be offered incubation support at NIFTEM wherein HDFC Bank under its CSR initiative will provide seed funding grants for launching or scaling up their enterprise, said Harinder Singh Oberoi, Director, NIFTEM.

‘To begin with, the programme aims at incubating at least some 10 start-ups and scale up the program going forward, Oberoi said. The initiative aims at partnering with government, corporates, venture funds, incubators & accelerators to provide scale-up support to the selected start-ups addressing issues in food and allied sectors, in turn benefiting all ecosystem players at large.

Harinder Singh Oberoi, Director - NIFTEM Kundli and Harmanpreet Singh Khanna,Head - Strategic affairs and Central government Business from HDFC Bank signed the statement in presence of Anita Praveen, Secretary Ministry of Food Processing Industries (MoFPI) and Minhaj Alam, Additional Secretary, MoFPI at the World Food India event on Sunday.

HDFC Bank expects to collaborate further with NIFTEM to explore promising opportunities in the food processing sector. The program will be executed by NIFTEM Technology Innovation and Business Incubation Foundation (NTIBIF), a section 8 company technology business incubator (TBI) established by NIFTEM to foster entrepreneurship in the food processing sector.