Press Release Details
Balmer Lawrie Start-up Fund - launched 22 May 2017
Balmer Lawrie & Co. Ltd., a Mini Ratna Category – I PSE under the Ministry of Petroleum & Natural Gas (MOPNG) launched "Balmer Lawrie Start-up Fund", an initiative which is in line with the Govt. of India's initiative 'Start-up India'.
‘Start-up India’, a flagship initiative of the Government of India, was launched by the Hon'ble Prime Minister of India, Shri Narendra Modi last year. The initiative aims at fostering entrepreneurship and promoting innovation by creating a healthy ecosystem conducive for the growth of start-ups. In pursuance of this, Hon’ble Minister of State (I/C), MOPNG, Shri Dharmendra Pradhan directed the PSUs under the administrative control of MOPNG to facilitate / create an innovation ecosystem and promote start-ups in their respective fields.
"Balmer Lawrie Start-up Fund" aims at nurturing innovation in its chosen business areas. The scheme aims at fostering innovations, which can be game changers in the industry or be a significant value provider. The innovation areas would include Specialty Chemicals, Disruptive innovations in Industrial Packaging and Greases & Lubricants, IT innovations in Logistics and in Travel & Vacations or any other innovation in the area of manufacturing and service businesses related to Balmer Lawrie. Environment friendly ideas on converting waste to wealth by utilizing by-products, scrap and effluents in line with the Company’s businesses will also be encouraged. Depending upon the scope of the innovation, Balmer Lawrie, to the extent possible, would nurture and support the start-ups through seed capital, space, available R&D infrastructure, mentoring, regular follow-up & hand holding, industry & academia connect as well as market linkages.
Innovation is a way of life at Balmer Lawrie and the Company invests substantially on R&D. The Applications Research Laboratory (ARL) at Kolkata is the research and development centre for lubrication technology. The Technology and Product Development Centre of Industrial Packaging at Kolkata is engaged in designing of innovative products and equipment. The Product Development Centre at Manali, Chennai is working on developing new age leather chemicals. The R&D centers constantly endeavour to develop cost effective, superior quality, environment friendly and bio-degradable products. Major investments are also being made in IT and Technology, which support both the manufacturing and service businesses.