Soon after seeking new ideas from people for start-ups, IFFCO MD Dr U S Awasthi on Monday announced a corpus fund of Rs 10 crore for supporting novel concepts. The fund would be used to tap the startup segment of the market, Awasthi made a categorical assurance.
His tweet read” #IFFCO aims to tap #startup segment, earmarks Rs 10cr fund.”
A man eager to keep pace with fast-changing times, MD has only a day before announced his support for the cause of new ideas – news item front paged by Indian Cooperative titled “Awasthi moves in Modi’s foot-steps; seeks new ideas”.
He broke the story first to PTI which was later taken up by several leading dailies. PTI release said “IFFCO, country’s largest fertiliser firm, is looking to invest in start-ups and has set up a Rs 10-crore fund to support new ideas and proposals, preferably related to agriculture sector.”
Though the investment does not need to be restricted to the field of agriculture, Awasthi told in his PTI interview; he would still prefer agri-related ideas. And Rs 10 crore is not the upper limit for funding a brilliant idea, he added in his interview given to the news agency on Monday.
Earlier, in these columns we carried a story in which he had invited ideas capable of changing lives- from IFFCO’s employees and their families. He had promised that IFFCO would support viable ideas as investor.
IFFCO Board also sat on Monday but the idea- had been brewing in Dr. Awasthi’s mind for a long time, Indian Cooperative learnt from one of the board members.
Meanwhile, Narendra Modi’s ambitious plans ‘Start-up India and Stand-up India’ are taking concrete shape with a mass awareness campaign slated for January 16.