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.
ONGC sets up Rs 100-crore start-up fund
