Public sector telecom manufacturer ITI Limited Sunday signed agreements with 58 start-up companies manufacturing solutions related to information and communication technology (ICT), Internet of Things (IoT) and defence technology, to give fillip to entrepreneurship.
These agreements were signed during the first ICT-IoT Expo on the sprawling premises of ITI in Bengaluru.
Among the 400 startups, 58 have been shortlisted.
The PSU has also decided to provide space for incubation centres on a mutually agreed terms and condition and market the products manufactured by the startups on a royalty basis.
These startup companies would manufacture products dealing with civil and military advanced radar systems, advanced edge router systems, next generation 5G technology products, data storage and networking solutions, digital security solutions, among others, the PSU said in a press release.
Speaking at the valedictory of the Tech Expo, Union Minister of State (independent charge) for Communication and Railways, Manoj Sinha said, "With more than 20,000 startups, India has the second largest ecosystem for startups in the world.
The agreement signed today would also help ITI diversify its manufacturing capabilities in partnership with the startups."
Telecom commission chairperson and secretary in department of telecom, Aruna Sundararajan said the ITI would manufacture some of the innovative products that have emerged from this event.
Later, speaking to reporters, Sinha assured the entrepreneurs that government will not hesitate to fund these startups.
"Funds will not be a problem. If a good innovation comes to us and manufactures a marketable product, then government has no dearth of funds (to support such companies financially)."
ITI's Director (Marketing and HR) R M Agarwal explained, "We are complementing each other (ITI and startups). Startups are having technology with them, they want a manufacturing infrastructure to manufacture their products, marketing setup to market those things. We are complimenting them.
In case, they still need funds, we cannot commit now, but definitely from case to case we can consider."
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)