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Business Economy


ONGC launches Rs 100 cr startup fund

ONGC launches Rs 100 cr startup fund

New Delhi, Aug 16 (UNI) Aiming to foster, nurture and incubate new ideas related to oil and gas sector, state-owned Oil Natural Gas Corporation (ONGC) today said it has launched a Rs 100 crore startup fund on its Diamond Jubilee year. The initiative, christened as 'ONGC Start-up', is in line with the government’s initiative 'Start-up India'. ONGC CMD Dinesh K Sarraf said, “This initiative will promote entrepreneurship among the younger Indians by creating an ecosystem that is conducive for growth of Start-ups in the oil & gas sector, which has a huge potential for technology-enabled ideas.” 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. He added that the Oil & 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. UNI ASH AE 1611

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