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Mumbai: Reliance Industries Ltd (RIL) said on Friday that it has signed a three-year deal with Microsoft Ventures to set up a GenNext Innovation Hub at Navi Mumbai.

RIL’s GenNext Ventures, the company’s venture capital arm set up in 2010, and Microsoft Ventures, are looking to invest seed capital in start-ups, incubate them and assist with mentorship and technology. These start-ups could be based in India or any other country.

“Technology is a key source of innovation, and the Indian industry is in a nascent stage. There lacks a national platform that bring together all the stakeholders to foster the ecosystem," said R.A. Mashelkar, chairman, GenNext Ventures, at a press conference in Mumbai.

The GenNext Innovation Hub at Navi Mumbai will look at mentoring entrepreneurs through a four-month programme. Start-ups will have access to office space, mentoring, and technical and design expertise through this programme. The programme will begin on 6 October.

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