Oil India announces Rs 50-cr startup fund

The fund shall focus on promoting entrepreneurship amongst youth

State-run Oil India Ltd has announced a Rs 50 crore OIL start-up fund to foster, nurture and incubate new ideas related to oil and gas sector. The proposal for setting up the OIL Start-up fund was approved in the company board on September 30 and is in line with Centre government's flagship program 'Startup India. '

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

This comes almost a month after ONGC launched a Rs 100 crore Start-up fund on its Diamond Jubilee year to foster, nurture and incubate newideas related to oil and gas sector.