Defence incubation centre in Coimbatore signs agreement with SIDBI

October 03, 2023 06:40 pm | Updated 06:43 pm IST


Union Finance Minister Nirmala Sitharaman interacted with incubatees at the Codissia Defence Innovation and Atal Incubation Centre in Coimbatore on Tuesday.

Union Finance Minister Nirmala Sitharaman interacted with incubatees at the Codissia Defence Innovation and Atal Incubation Centre in Coimbatore on Tuesday. | Photo Credit: S. Siva Saravanan

The Codissia Defence Innovation and Atal Incubation Centre (CDIIC) has signed an agreement with the Small Industries Development Bank of India (SIDBI) to get funding for startups that are incubated at its facility in Coimbatore.

The SIDBI has allocated ₹2 crore for this project and it will invest up to 10 % of the company’s value for start-ups recommended by the CDIIC, said M.V. Ramesh Babu, additional director of CDIIC.

“When a startup develops a product and it has to be commercialised, if the startup requires funds, this will be useful,” he said. The CDIIC is incubating 25 startups now and about three have graduated. Another 3-4 will graduate soon. Further, 18 of these startups have won Defence India Startup Challenge.

Union Finance Minister Nirmala Sitharaman, who inaugurated the second branch of SIDBI here on Tuesday, visited the CDIIC and interacted with the startups.

A press release from CDIIC said Ms. Sitharaman had announced the setting up of the CDIIC in 2019 when she was the Defence Minister and sanctioned funds for the same.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.