India's ONGC Launches $15 mn Oil, Gas Start Up Fund

Indian government owned ONGC has launched a Rs 100 crore ($15mn) start-up fund for the oil and gas sector.

The initiative, christened as ‘ONGC Start-up’, is in line with the Indian government’s initiative ‘Start-up India’ and will foster, nurture and incubate new ideas related to oil and gas sector. As part of this initiative, ONGC will provide the entire support chain for start-ups including seed capital, hand-holding, mentoring, market linkage and follow-ups, the company said on Sunday.

The aim of ‘ONGC Start-up’ is to increase the contribution of fresh implementable ideas in the oil and gas sector.

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