Start-up Sangam Initiative: Oil companies to back 30 start-ups with Rs 320-crore fund
Ministry of Petroleum and Natural Gas launched Start-up Sangam initiative to develop new business models, marketing plans, technology and innovations in heavy oil and gas industry sector by supporting 30 start-ups.
For the same, 10 oil and gas PSUs have setup Rs. 320-crore venture capital fund to encourage start-ups based on innovative ideas in the energy sector.
The corpus was created by contributions from India Oil Corporation (IOL), ONGC, Engineers India, Oil India, Numaligarh Refinery, Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HP), GAIL), Balmer Lawrie and Mangalore Refinery and Petrochemicals.
The selected start-ups will work in various fields related to energy such as converting waste plastics to petroleum fuels, multipurpose fuel from agricultural waste biomass, solar stove and leak detectors for liquefied natural gas (LNG) cylinders, Self – sustaining low-maintenances toilets or eco-toilets and Remotely Operated Vehicles (ROVs) for underwater inspections.
Start-ups in technology field will get 30 months to submit proof of concept whereas start-ups with business ideas will be given 18 months. These oil and gas PSUs will buy out these projects submitted by selected startups in given time frame based on merit to do more innovations.