ONGC sets up Rs 100-crore start-up fund

ONGC sets up Rs 100-crore start-up fund
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Story Dated : August 14, 2016

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.