In a novel initiative by the Ministry of Petroleum & Natural Gas, 10 oil and gas companies under it unveiled a Start-up programme for entrepreneurs with a fund corpus of INR 320 crore to be disbursed over a 3-year period to support innovations in the energy sector.
The scheme was launched with Memoranda of Understanding (MoU) being signed by the oil PSUs for partnering with various Start-Ups.
ONGC had earlier announced INR 100 crore Start-up fund to foster, nurture and incubate new ideas related to energy sector.
After several rounds of screening, ONGC selected five Start-Ups namely M/s Red Ginger Technologies Pvt Ltd, Gurgaon; M/s Planys Technologies Pvt. Ltd, Chennai; M/s Detect Technologies Pvt. Ltd, Chennai; M/s String Bio Pvt Ltd, Bangalore & Chakra Innovation Pvt. Ltd, Delhi based on pre-approved evaluation criteria and due approvals.
CMD ONGC conveyed that the signing of MoUs is the beginning of a partnership with young Entrepreneurs for facilitating disruptions in the Energy Sector in India.