In order to create an atmosphere of innovation in the country, all the Oil & Gas Public Sector Undertakings (PSUs) have created individual StartUp funds with corpus ranging from Rs. 5 to 100 crores. Individual oil companies have individual policies for either giving grant/equity or a mix of both in the selected StartUps.
KIIT – Technology Business Incubator Bhubaneswar is engaged as the implementing partner working to provide screening, evaluation, selection of Start-Ups for Oil & Gas PSUs through this common platform.
With a view to having a common Portal for short listing of StartUps for funding by Oil & Gas PSUs to engage incubation support/ consultancy services in respect of StartUps, to invite and shortlist StartUp proposals on a pan-India basis, following companies are participating in the common initiative:
Oil and Natural Gas Corporation Limited (ONGC)
Oil India Limited (OIL)
GAIL India Limited
Indian Oil Corporation Limited (IOCL)
Hindustan Petroleum Corporation Limited (HPCL)
Bharat Petroleum Corporation Limited (BPCL)
Engineers India Limited (EIL)
Mangalore Refinery and Petrochemicals Limited (MRPL)
Numaligarh Refinery Limited (NRL)
Balmer Lawrie Limited
The common portal is set up to invite applications in the identified innovation areas to promote entrepreneurship among young Indians.
This platform aims to bring together key Oil & Gas PSUs from the Ministry of Petroleum and Natural Gas (MoP&NG) Government of India, to support and reward and recognize startups with the most innovative concepts and solutions for problems faced in sectors like oil & gas, energy, health, hygiene, safety & environment, agriculture, waste to wealth, renewables, nanotechnology, IT etc.