ONGC launches Rs 100 cr startup fund

16 August, New Delhi

Aiming to foster, nurture and incubate new ideas related to oil and gas sector, state-owned Oil Natural Gas Corporation (ONGC) Tuesday said it has launched a Rs 100 crore startup fund on its Diamond Jubilee year.

The initiative, christened as ‘ONGC Start-up’, is in line with the government’s initiative ‘Start-up India’. ONGC CMD Dinesh K Sarraf said, “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.”

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. He added that 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.