Oil PSUs start up with Rs 320 cr fund, to invest in 30 innovators

The public sector undertakings should increase the funding under this initiative to Rs 320 crore annually: Dharmendra Pradhan

Ten oil companies owned by the Union government on Wednesday unveiled a Rs 320-crore fund to support 30 start-ups innovating in various sectors, including fuel and waste.

Addressing an event where the exchange of memorandums of understanding (MoUs) between the oil firms and entrepreneurs took place, Union Petroleum Minister Dharmendra Pradhan said the public sector undertakings (PSUs) should increase the funding under the initiative to Rs 320 crore annually, instead of just a corpus of the same amount. “Maybe some company among these start-ups can exceed the balance sheet of their partner company like ONGC,” Pradhan said.

Niti Aayog CEO Amitabh Kant