Oil PSUs create corpus of Rs 320 crore to support start-ups

Oil and gas PSUs have set up venture capital funds to encourage start-ups

GN Bureau | October 26, 2017


#PSU   #oil   #gas   #Dharmendra Pradhan   #IOCL   #ONGC   #EIL   #OIL   #NRL   #BPCL   #HPCL   #GAIL   #MRPL  

 Ten public sector undertakings of ministry of petroleum and natural gas, including IOCL, ONGC, EIL, OIL, NRL, BPCL, HPCL, GAIL and MRPL, have created a corpus of Rs 320 crore to support start-up initiatives. 

Since the launch of the scheme by the PSUs, many applications and some extremely innovative ideas have come through. 
 
The 10 oil PSUs have together selected nearly 30 start-up projects for support in the first round of the scheme.
 
At the launch, union minister Dharmendra Pradhan laid emphasis on developing new business models, marketing plans, technology and innovations.
 
The oil and gas PSUs have set up venture capital funds to encourage start-ups based on innovative ideas in the energy sector. 
 
Pradhan said the initiative will change the status of the youth from job seeker to that of job provider.  He said the business partnership between the start-ups and the PSUs of petroleum ministry will create a new benchmark for growth and job creation as India has a huge potential for investment of over $300 billion in the energy sector in the next ten years. 
 
He said start-ups in the oil and gas sector are not short-term investments, but a long-term commitment. There are a wide variety of opportunities that present a wide spectrum of options for launching start-up initiatives. The oil minister said the government is committed to provide clean energy to every household of the country and in the last 15 months, three crore LPG connections have been provided under the Pradhan Mantri Ujjwala Yojana (PMUY).
 
“In the next 15 months, a target of providing more than four crore electricity connections has been set under the Saubhagya scheme,” he said. He called upon the oil PSUs to take advantage of the emerging technologies in the oil sector with the help of the youth to match the international standards.
 

Comments

 

Other News

On a personal note: Rabbi Shergill

Punjabi singer, songwriter, and guitarist, Rabbi Shergill rose to fame in 2004 with his chartbuster song ‘Bullah Ki Jaana’ from his debut album ‘Rabbi’. Inspired by rock and Punjabi folk music, he uses Punjabi language to create acoustic rock-based ballads. His poetic and social

NALCO registers Rs 589 crore operating profit in Q3 of 2018-19 FY

National Aluminium Company Limited (NALCO), country’s leading manufacturer and exporter of alumina and aluminium, has posted an operating profit of Rs 589 crore in Q3 of 2018-19 FY, registering 80 percent growth over the same period of last year.   Net profit of the company

Many electronic companies still have no take-back system: Report

In 2016, 44.7 million tonnes of e-waste was generated globally which is expected to increase to 52.2 million tonnes in 2021. As of 2016, it was found out that India is the second and fifth highest generator (in Asia and globally respectively) of e-waste with 2 million tonnes. The mounting pile of e-waste h

India’s per capita power consumption likely to grow by two fold, says power minister

Union power minister RK Singh has said the per capita current power consumption of 1,200 units is expected to grow 2-3 times at par with the international consumption after every Indian gets access to electricity. Singh said the power sector is witnessing an increased demand which is further expect

Net profit of Rs 616 crore posted by SAIL in Q3 of 2018-19

SAIL has posted a profit (profit after tax) of Rs 616 crore in Q3 of 2018-19 FY. SAIL has managed to better its performance over the previous quarter as well by more than 11 percent when it stood at Rs 554 crore. The turnover for Q3 FY’19 improved by three percent over corresponding period of

The light turns amber

In a black salwar-suit and matching headscarf, Ruksana (name changed) listens carefully from a corner of the hall. Members of her support group are talking about their suffering, struggles, aspirations and achievements. At her turn, she slowly opens up. Like that of many others, her story is one of deceit,

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter