State-owned Power Finance Corporation (PFC) on Wednesday said it has signed an agreement with the Indian Institute of Technology- Kanpur for training, research, and entrepreneurship development in smart grid technology. As per the agreement, the PFC will provide financial assistance of Rs 2.38 crore (Rs 2,38,97,000) to IIT-K under its CSR, or Corporate Social Responsibility, initiative.
The objective of the pact is to provide support to IIT-K in developing infrastructure for research and development on smart grid technology, R Murahari, Executive Director (CSR&SD), PFC, said.
As part of the project, the IIT-K will also provide training on smart grid technology to 90 participants and provide fellowship to nine selected candidates for development of ideas on smart grid technology. The fellows will be assisted by startup Innovation and Incubation Centre (SIIC) of IIT-K and encouraged to take up entrepreneurial activities.