Oil and Natural Gas Corporation (ONGC) unveiled a Rs.100 crore start-up fund to foster, nurture and incubate new ideas related to the oil and gas sector.
The initiative, christened as ‘ONGC Start-up’, is in line with the Government of India’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 the initiative is to increase the contribution of implementable ideas in the oil and gas sector. ONGC is setting up a dedicated website to take this initiative forward, according to a company statement. After introducing this initiative on August 14, 2016, at Dehradun, ONGC CMD Dinesh K. Sarraf, said that this initiative would promote entrepreneurship among the younger Indians by creating an ecosystem that is conducive for growth of start-ups in the oil and gas sector, which has a huge potential for technology-enabled ideas.
Mr. Dinesh said the oil and gas sector was contributing enormously to the growth of economy.
The sector faces various critical challenges and new ideas were required to mitigate them.