India's ONGC Launches $15M Fund to Nurture New Ideas for O&G Industry
India's state-owned Oil and Natural Gas Corp. Ltd. (ONGC) launched Sunday the 'ONGC Start-up' fund, with a value of $15 million (INR 1 billion), in conjunction with its Diamond Jubilee year to foster, nature and incubate new ideas for the oil and gas industry.
Under 'ONGC Start-up', which is in line with the government's initiative ‘Start-up India’, the company will provide the entire support chain for start-ups, including seed capital, hand-holding, mentoring, market linkage and follow-ups. ONGC has set up a dedicated website for the initiative, which is intended to encourage fresh implementable ideas in the oil and gas sector.
ONGC Chairman and Managing Director Dinesh K Sarraf said Aug. 14 the initiative aims to promote entrepreneurship among younger Indians by creating an ecosystem that is conducive for growth of start-ups in the industry, which has a huge potential for technology-enabled ideas to mitigate the various critical challenges the sector faces.
ONGC encourages its employees to innovate and the firm has given awards to three young officers for their innovations. Rajendra Bhambhu and Deepak Naik have developed an innovative safety device for rigs that facilitates setting up of emergency brake to augment safety mechanism on drilling rigs, while Prajesh Chopra has created a unique dual SIM cellular router system that provides data connectivity at work-over rigs -- which reduces the hassle of frequent dismantling and reinstallation during rig transportation, resulting in saving time and money.
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