Oil India Ltd announces Rs 50 crore start-up fund

The key objective of the start-up fund include developing new innovative solutions, technologies and products through start-ups, for solving business problems.

New Delhi: Oil India Ltd (OIL), India’s second-largest state-owned oil exploration firm, has announced a new start-up fund with a corpus of Rs 50 crore that will be used to foster and incubate new ideas in the oil and gas sector.

“The proposal for setting up the OIL start-up fund was approved in the 469th board meeting of the company held on 30 September and is in line with the government’s flaship programme Start-up India,” the company said in a statement.

The key objectives of the start-up fund include developing new innovative solutions, technologies and products through start-ups, for solving business problems; developing start-ups as an important channel for OIL to expand into new related business sectors; and creating an entrepreneurial mindset among employees and stakeholders, by working with Start-ups, for revitalising corporate culture.

“The OIL Start-up fund shall focus on promoting entrepreneurship amongst youth, especially of the North East India, by enabling the growth of Start-ups for addressing various technical challenges and operational risks of the oil and gas industry and encouraging innovative thinking amongst the present and future generations,” OIL Chairman and Managing Director Utpal Bora said.

The company is working out the detailed scheme of the OIL Start-up fund which will be uploaded on the OIL website for public viewing once finalized.

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