New Delhi, 8 May (IANS). The Center’s Industry and Internal Trade Promotion Department (DPIIT) and Hafel India Private Limited signed an MoU to strengthen India’s manufacturing and innovation ecosystem by empowering product startups, MSMEs and entrepreneurs. This information was released on Thursday.
The MoU was signed by DPIIT Director Sumit Jarangal and Hafel India Managing Director (South Asia) Frank Shloder in the presence of senior officials of both organizations.
This will be effective for a period of two years from the date of signature, with scope for expansion based on a mutual agreement.
Under this strategic cooperation, the product will carry forward the initiatives supporting the product innovation, local sourcing and entrepreneurship through integration in the huffle, targeted investment, guidance and global value chain.
The statement stated that this partnership reflects the shared commitment to create a strong local supply chain and India’s vision of becoming a global manufacturing hub.
Hafel will increase its support to startups and MSME by providing access to the infrastructure, supplier development opportunities, technical cooperation and market.
The German company has already committed more than $ 2.5 million in Indian equipment manufacturing startups and has raised purchases to Indian MSME manufacturers of architectural hardware and furniture fittings.
DPIIT will provide access to ecosystem through Startup India, which will enable startup connections, program participation and co-branding.
DPIIT Joint Secretary Sanjeev said, “Partnership associates with Hafale India are an example of our approach to promoting industrial ecosystem. This is a global best practice and local entrepreneurial energy together to carry forward Sustainable Manufacturing Development associated with Make in India Vision.”
South Asia of Hafale, Managing Director Shloder said, “We believe that India’s innovation and manufacturing capacity is unmatched. Through this MoU, we are excited to deepen our association with Indian entrepreneurs and startups. Also we are ready to work in today’s vision ‘India for India’ and tomorrow’s Vision ‘India for the World’.”
Hafel India Private Limited is focusing on furniture and kitchen fittings while actively involved in the Indian market. Also expanding in equipment.
Crisil Ratings confirmed Hafel India’s rating, which reflects the company’s growth in furniture and fitting segments.
-IANS
SKT/ABM
