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Ten state-owned oil firms including Indian Oil & ONGC launches Rs.320 crore startup fund
Posted on: 27-10-2017 , 11:36:AM | DY365 Bureau

 Picture Courtesy : PTI

Ten State owned Oil and Gas companies including giants like Indian Oil and ONGC had launched a startup programme for new entrepreneurs with a fund of Rs 320 crore to be disbursed over a 3-year period.

This startup fund will be to support entrepreneurs only in the energy sector.

The scheme was launched in New Delhi on Wednesday with a MoU being signed by 36 startups for partnering with various state-run firms like Indian Oil, Hindustan Petroleum and GAIL India.

Speaking on the launch event, petroleum minister Dharmendra Pradhan said that being the third largest energy consumer in the world with an annual oil import bill of Rs 7 lakh crore, India urgently needed to act on import substitution.

“Oil import substitution can best come through alternate fuels, which can only be developed through innovation and new business models,” Pradhan said.

 
 

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