Shree Cement signs a MoU with DPIIT to empower startups in Manufacturing

New Delhi / October 2, 2024: Shree Cement Limited signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, to empower and promote manufacturing incubation. The MoU aims to strengthen and support India’s manufacturing ecosystem by encouraging product start-ups, innovators, and entrepreneurs, the company said in a statement. 

The signing ceremony was attended by Neeraj Akhoury, Managing Director of Shree Cement, Sumeet Jarangal, Director at DPIIT, and Sanjiv Singh, Joint Secretary of DPIIT from the Ministry of Commerce and Industry and marks a significant step towards strengthening India’s manufacturing ecosystem.

Through this partnership, Shree Cement aims to support product startups by offering infrastructure, mentorship, access to funding, and market connections, guiding them from prototype development to potential international expansion, the statement added.

Commenting on the partnership, Neeraj Akhoury, Managing Director of Shree Cement Ltd., said, “Our partnership with DPIIT reinforces our commitment to fostering innovation in the manufacturing sector. We believe this partnership will play an important role in promoting self-reliance through domestic manufacturing and import substitution. By empowering start-ups, we aim to create a stronger, more competitive ecosystem that drives economic growth and progress in India.”

Further, Sumeet Jarangal, Director, DPIIT, said, “This partnership between Shree Cement and DPIIT will lay the foundation for a brighter future for early stage manufacturing startups and is a strong step in making India a manufacturing hub in the Cement sector. We look forward to working with Shree Cement in the coming years.”

The MoU reflects a shared goal of promoting manufacturing through private sector collaboration. The private sector plays a vital role in assisting startups by providing crucial funding, modern infrastructure, R&D facilities, and tailored guidance—all of which boost innovation and competitiveness in India’s manufacturing landscape.

This collaboration aligns with DPIIT’s ongoing efforts to foster a dynamic early-stage ecosystem for manufacturing startups. By working closely with corporates, incubators, and industry leaders, DPIIT and Shree Cement are paving the way for a future where Indian startups can lead globally in innovation and sustainable practices, the statement added.