Joint Initiative of Oil & Gas Sector PSUs for Funding Start-Ups Takes Off
New Delhi 25-Oct-2017
A joint ‘Start-up Sangam' programme by 10 oil & gas sector PSUs to fund innovative start-ups from across the country took off here today in the presence of Shri Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship, Government of India; Shri Amitabh Kant, CEO, NITI Aayog; Shri KD Tripathi, Secretary (Petroleum); Shri Abhishek Ramesh, Secretary, DIPP; and other senior officials of the Petroleum Ministry.
CEOs of major oil & gas sector PSUs exchanged MoU documents with representatives of about 30 start-up companies for funding their innovative ventures. They also exchanged MoUs with seven top academic and research institutions like IIMs and IITs to serve as mentors and incubating agencies for the selected start-ups.
The 10 PSUs under the Ministry of Petroleum & Natural Gas, that is, IOCL, ONGC, EIL, OIL, NRL, BPCL, HPCL, GAIL, Balmer Lawrie and MRPL, have created a corpus of Rs. 320 crore for a period of 3 years to support start-up initiatives in the oil & gas domain.
Since the launch of the start-up schemes by the PSUs, there has been a constant flow of applications and some extremely innovative ideas have emerged. Start-up ideas have been received from a varying age group (from afresh engineering graduate to a 70-year-old entrepreneur) from across the country. The 10 oil & gas PSUs have together selected about 30 start-up projects for support in the first round of the scheme. Some of the many innovative projects that have made it after rigorous evaluation include:
● Electronic leak detector for detecting body and bung leak of LPG cylinders
● Multiuse Fuel from Agricultural Waste Biomass
● Remote Operated Vehicles (ROVs) for underwater inspection of rigs and pipelines
● Converting waste plastics to high value petroleum fuels
● Solar stove - Revolutionary day &night indoor solar cooktop system for all lifestyles
● Self-sustaining low-maintenance toilets, or eco-toilets
Speaking on the occasion, Shri Dharmendra Pradhan said that the oil & gas industry offers immense potential in areas like Fuel Cells, Solar Energy, Hydrogen, Alternative Sources of Energy, Electric Vehicles, etc., much of which remains untapped and unexplored. The oil & gas sector companies have the requisite technical acumen and the financial strength to act as venture capitalists to the young and talented entrepreneurs who wish to build businesses based on innovative ideas, he said.
Echoing the views of Hon'ble Prime Minister, Shri Narendra Modi, at the launch of the 'Start-up India' initiative in January 2016, Shri Pradhan said that it is now time for the new generation, with their fund of knowledge, talent and risk-taking ability, to become job-givers as entrepreneurs instead of being job-seekers. Various Ministries of the Government of India have initiated a number of activities as part of this initiative to create a conducive environment for start-ups in the country. The overwhelming response to the Start-up India initiative from across the nation reiterates the fact the there is an immense talent pool within the country that needs to be nurtured, he added.
Speaking on the occasion, Shri Amitabh Kant, CEO Niti Aayog, said that Indian start-ups were earlier migrating abroad but, after the launch of the Start-up India scheme, most of them are relocating to India. "I am delighted that the Petroleum Ministry has taken up this initiative as innovation & technology can create major breakthroughs in the technology and capital-intensive petroleum industry. The oil & gas industry is one of the major contributors to the Indian economy and, therefore, start-ups can play a big role in boosting the same," he added.
Shri KD Tripathi, Secretary (Petroleum), who also spoke on the occasion, said that the oil & gas PSUs have not only tied up with budding entrepreneurs but also IIMs and IITs to act as mentoring and incubating agencies. While the initial corpus in support of start-up initiatives in the oil & gas domain is about Rs. 320 crore for a period of 3 years, funds are not a constraint and we shall try and extend our support to appealing start-ups in the country, he added.
Addressing the gathering, Shri Ramesh Abhishek, Secretary, DIPP, said that the Start-up India initiative was launched to foster entrepreneurship and promote innovation in the country. Various organisations have come up with new policies, programmes and infrastructure to support start-ups in India. Though much has been done, there is immense potential to do more in this area, he said.
Earlier, Dr. SSV Ramakumar, Director (R&D), IndianOil, welcomed the gathering.
(Kalikrishna M)
Chief General Manager (Corporate Communications)
Indian Oil Corporation Ltd.
Corporate Office, Delhi
