ONGC Unveils Rs 100-crore startup fund

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15 August 2016, India :

Oil and Natural Gas Corporation (ONGC) unveiled a Rs.100 crore startup fund to foster, nurture and incubate new ideas related to the oil and gas sector.

In line with the government’s Startup India project, ONGC has named its new initiative “ONGC Start-up”, which will also have a dedicated website. The public sector enterprise will oversee all stages involved in supporting start-ups such as “seed funding, mentoring, market linkages and follow-ups,” read the company’s release.

According to company chairman Dinesh K Sarraf, the oil and gas sector is facing a number of challenges and new ideas are required to mitigate those challenges. The venture funding initiative will promote entrepreneurship among young Indians by creating an ecosystem that is conducive for the growth of startups in the oil and gas sector, which has a huge potential for technology-enabled ideas. To encourage its own employees to innovate, ONGC also awarded three young officers- Rajendra Bhambhu, Deepak Naik and Prajesh Chopra for their innovative ideas.

Bhambhu and Naik developed an innovative safety device for rigs that facilitates setting up of emergency brake to augment safety mechanism on drilling rigs.
Chopra innovated a unique Dual SIM Cellular Router System that provides data connectivity at work-over rigs. This system curtails the hassle of frequent dismantling and reinstallation during rig transportation, thus saving time and money.

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