Mumbai: In line with the Modi government’s initiative to boost entrepreneurship in the country under the ‘Start-up India’ banner, ONGC has launched a Rs 100 crore start-up fund on its 60th year anniversary.
The fund will be called ONGC start-up, the company said in a press release on Sunday.
It said, the company will provide “the entire support chain for start-ups including seed capital, hand-holding, mentoring, market linkage and follow-ups.”
The fund will be for start-ups with “fresh ideas in the oil and gas sector.” ONGC is expected to launch a dedicated website for its start-up fund soon.
On the occasion, ONGC CMD Dinesh K Sarraf, said, “this initiative will promote entrepreneurship among the young 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.
Sarraf was speaking at an event in Dehradun.
“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 added.