This is quite possible, though depends on the student and the company in question.
For many students, the ability to do an industry project in their current companies offers many advantages - familiarity with the projects domain and required background and systems, more flexibility in obtaining the time required to work on the project and more.
We are more than willing to allow such projects, but they must follow specific guidelines: First of all, the company must have a suitable data-driven product or project. In addition, the company must have pre-existing data science and ML expertise, allowing for oversight and supervision of the project. Lastly, the company should be willing to cooperate and follow regular project definition guidelines.