KOLKATA: Diversified PSU Balmer Lawrie has signed an MoU with IIM Lucknow for incubation of start-up, a statement issued by the company said on Friday.

The PSU had launched its start-up fund in 2017 and has been instrumental in driving the initiative for the last six years and already funded quite a few.

The incubation centre of IIM Lucknow has collaborated with various PSUs, banks, and MNCs for developing an eco-system, the statement said, adding that the association will provide a robust structure of an accelerator programme, seed capital, smart co-working space and market access.

It has posted a net profit of Rs 51.38 crore during the Q3 of the current financial year, a rise of 87.66 pc over Rs 27.38 crore in the same period of the previous fiscal. Net income during the quarter stood at Rs 590.13 crore.