Shree Cement Ink MoU with DPIIT to support startups in manufacturing sector

Shree Cement Ltd announced that it has entered into a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT) to aid startups in the manufacturing industry and promote innovation. In a statement, the company stated that through this collaboration, Shree Cement seeks to assist product startups by providing them with infrastructure, mentorship, access to funding, and market connections. This support will help these startups to progress from prototype development to potentially expanding internationally.

"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," Shree Cement Managing Director Neeraj Akhoury said.

DPIIT Director Sumeet Jarangal 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."

The goal of the MoU is to enhance and back up India's manufacturing environment through the promotion of product startups, innovators, and entrepreneurs, as mentioned in the statement.

Shree Cement, established in 1979 in Beawar, Rajasthan, is a company that produces cement in India. Currently based in Kolkata, this company is the third biggest cement manufacturer in India in terms of production capacity and the second largest in terms of market value. Shree Cement's total installed capacity is 50.9mt, which includes operations abroad. It also generates and markets electricity as Shree Power (captive power plant) and Shree Mega Power (independent power plant).