ONGC has launched Rs 100 crore start-up fund on its Diamond Jubilee year to foster, nurture and incubate new ideas related to oil and gas sector. The initiative, christened as 'ONGC Start-up', is in line with the government's initiative 'Start-up India'.
As part of this initiative, ONGC will provide the entire support chain for start-ups including seed capital, hand-holding, mentoring market linkage and follow-ups. The aim of 'ONGC Start-up' is to increase the contribution of fresh implementable ideas in the oil and gas sector. ONGC is setting up a dedicated website to take this initiative forward.
ONGC CMD Dinesh K Sarraf, said that this initiative will promote entrepreneurship among the younger Indians by creating an ecosystem that is conducive for growth of Start-ups in the oil & gas sector, which has a huge potential for technology-enabled ideas.
"The Oil & Gas sector is contributing enormously to the growth of economy. Currently, the sector faces various critical challenges and new ideas are required to mitigate those challenges," he said.
BW Reporters
Vaishali Dar is a Senior Associate Editor with BW Businessworld and Editorial Head with BW Disrupt. She writes on corporates, start-ups, hospitality and travel
