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ONGC Launches Rs 100 Cr Startup Fund to Ignite New 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.

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.


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