ONGC Sets Up 100 Crore Start-Up Fund

IAS Prelims 2023

Oil and Natural Gas Corp (ONGC) has set up a Rs 100 crore fund for start-up to nurture new ideas related to the sector.

The initiative, christened as ‘ONGC Startup’ is in line with the Government of India’s ‘Start-up India’ initiative.

As part of this initiative, ONGC will provide the entire support chain for start-ups including seed capital, hand-holding, mentoring market linkage and follow-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.

This initiative will promote entrepreneurship among the young Indians by creating an ecosystem that is conducive for growth of start-ups in the oil and gas sector, which has a huge potential for technology-enabled ideas.

The oil and gas sector is contributing enormously to the growth of economy. Currently, the sector faces various critical challenges and new ideas are required to mitigate those challenges.

ONGC Gives Awards for Innovation:

To encourage its own employees innovate, ONGC also awarded its 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.

ONGC chairman and managing director: Dinesh K Sarraf.