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.