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OIL floats `50-crore startup fund
Oil India Limited (OIL) has set up an OIL StartUp fund of Rs 50 crore to encourage new “out-of-the-box” ideas related to the oil and gas
Guwahati: Oil India Limited (OIL) has set up an OIL StartUp fund of Rs 50 crore to encourage new “out-of-the-box” ideas related to the oil and gas sector, particularly in the Northeast. The oil exploration major’s chairman-cum-managing director Utpal Bora on Sunday said in a press conference that the initiative was in line with the Centre’s Startup India initiative.
“The OIL StartUp fund is to encourage students, young entrepreneurs and institutions to come out with out-of-the-box ideas for the benefit of the oil and gas sector that is contributing enormously to the growth of the economy,” Bora said.
The initiative was to create an ecosystem that was conducive for growth of startups in the oil and gas sector, which has a huge scope for application of technology-enabled ideas, he said.
“Currently, the sector faces various critical challenges and new ideas are required to negotiate those challenges. OIL will be partnering with institutes of excellence in the Northeast like IIT-Guwahati to take this initiative forward, wherein the institutes will facilitate ‘idea incubation’ for carrying out studies and experiments,” Bora said.
The government-run company also plans to create a dedicated website for its StartUp initiative, inviting applications with project ideas, besides inviting through newspaper advertisements in the region.
