ONGC sets aside Rs.100 crore to support chain of startups

ONGC will provide the entire support chain for startups including seed capital, hand-holding, mentoring market linkage and follow-ups

New Delhi- August 15th, 2016. RedNewswire/-

As reported by Firstpost, State-owned Oil and Natural Gas Corp (ONGC) on Sunday said it has set up a Rs 100-crore start-up asset to sustain new thoughts identified with the area.

"The initiative, christened as 'ONGC Startup', is in line with the Government of India's 'Start-up India' initiative," the company said in a statement.

As a major aspect of this activity, ONGC will give the whole bolster chain to new businesses including seed capital, hand-holding, coaching market linkage and subsequent meet-ups.

"The aim of 'ONGC Startup' is to increase the contribution of fresh implementable ideas in the oil and gas sector. ONGC is setting up a dedicated website to take this initiative forward," it said.

ONGC Chairman and Managing Director Dinesh K Sarraf said that this activity will advance business among the youthful Indians by making a biological system that is favorable for development of new companies in the oil and gas part, which has a colossal potential for innovation empowered thoughts.

The oil and gas segment, he said, is contributing hugely to the development of economy. As of now, the division faces different basic difficulties and new thoughts are required to alleviate those difficulties.

To empower its own workers develop, ONGC additionally recompensed its three youthful officers Rajendra Bhambhu, Deepak Naik and Prajesh Chopra, for their imaginative thoughts.

Bhambhu and Naik built up an imaginative security gadget for apparatuses that encourages setting up of crisis brake to increase wellbeing component on boring apparatuses.

Chopra propelled a stand-out Dual SIM Cellular Router System that gives data accessibility at work-over contraptions. This structure abbreviates the trouble of persistent crushing and reinstallation in the midst of contraption transportation, along these lines saving time and money.

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