Oil India Limited announces INR 50 Crore Start-up Fund

Sarkaritel
By Sarkaritel October 1, 2016 00:44

Oil India Limited announces INR 50 Crore Start-up  Fund


25oil_indiaNew Delhi, September 30 Oil India Limited (OIL), India’s second largest National “Navratna” Exploration & Production Company has announced aRs 50 crore OIL Start-up fund to foster, nurture and incubate new ideas related to oil and gas sector. The proposal for setting up the OIL Start-up fund was approved in the 469th Board Meeting of the Company held on 30.09.2016 and is in line with Government of India’s flagship program ‘Start-up India.’

The key objectives of the OIL Start-up fund are:

  • Develop new innovative solutions, technologies and products through Start-ups, for solving business problems
  • Develop Start-ups as an important channel for OIL for expanding into new related business sectors
  • Create an entrepreneurial mindset and fresh thinking amongst employees and stakeholders,by working with Start-ups, for revitalising corporate culture

Speaking on the occasion, Sri Utpal Bora, Chairman and Managing Director, said that the OIL Start-up fund shall focus on promoting entrepreneurship amongst youth,especiallyof the North East India, by enabling the growth of Start-ups for addressing various technical challenges and operational risks of the oil and gas industry and encouraging innovative thinking amongst the present and future generations.

Detailed scheme of the OIL Start-up fund is being worked out and when finalised, shall by uploaded on the OIL website for public viewing. 

Sarkaritel
By Sarkaritel October 1, 2016 00:44