2024-09-25 21:19:55 :
Mumbai-based Gharda Chemicals, which makes pesticides, veterinary drugs and polymers, has launched the KHG Innovation Foundation to support entrepreneurs working on technologies that address gaps and drive social outcomes.
Established in partnership with the Anjani Mashelkar Foundation, the foundation will support entrepreneurs focused on manufacturing core engineering and healthcare technologies with potential social impact.
“The foundation is funded by Gharda’s (founding chairman and managing director Keki Hormusji Gharda) personal wealth and the profits of the holding company,” said Nilesh Kulkarni, director of Gharda Chemicals. The holding company is Garda Healthcare and Advanced Technologies.
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The non-profit foundation’s initial corpus will be approximately $300 million, which will be replenished every year. Foundations can invest in entrepreneurs or provide funding. Initially, it will focus on healthcare technology.
Counseling, guidance
In addition to capital, the foundation will provide startups with guidance, guidance and strategic advice from industry experts and thought leaders.
“KHGIF should also develop tailored programs to support for-profit and nonprofit businesses and facilitate pilot projects to help innovators scale their impact,” the statement said.
India has begun its quest to become a developed country in the foreseeable future with an eye on becoming a global leader in manufacturing. We believe that a strong focus on innovation combined with an entrepreneurial spirit is key to achieving this status. Establishing KHGIF is one of many efforts we need to make as we develop this capability,” Garda, who turned 95 on Wednesday, said in a statement.
“This partnership will drive disruptive, game-changing innovations aimed at transforming India by addressing grand challenges,” said former Director General, Council of Scientific and Industrial Research and Head of the Anjani Mashelkar Foundation RA Mashelkar said.
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