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ONGC launches Rs 100-cr start-up fund

Business Standard:  August 16, 2016

New Delhi: Government-owned Oil and Natural Gas Corporation has launched a Rs 100-crore start-up fund on its diamond jubilee year “to foster, nurture and incubate new ideas related to the oil & gas sector”. The initiative, christened ‘ONGC Start-up’, is in line with the government's Startup India initiative.

As part of this initiative, ONGC would 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,” the company stated.

Dinesh K Sarraf, chairman and managing director of ONGC, said this initiative would promote entrepreneurship among the younger Indians by creating an ecosystem that is conducive for the growth of start-ups in the oil & gas sector, which has a huge potential for technology-enabled ideas.

He said the oil & gas sector was contributing enormously to the growth of economy. Currently, the sector faces various critical challenges and new ideas are required to mitigate those challenges.

ONGC also awarded its three young officers — Rajendra Bhambhu, Deepak Naik and Prajesh Chopra — for their innovative ideas. Bhambhu and Naik developed an innovative safety device for rigs. The device facilitates setting up emergency brake to augment safety mechanism on drilling rigs. Prajesh Chopra innovated a unique dual SIM cellular router system that provides data connectivity at work-over rigs. This system curtails the hassle of frequent dismantling and reinstallation during rig transportation, thus saving time and money.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.