Oil India to power start-ups with `50 crore OIL Fund

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 and create an entrepreneurial mindset and fresh thinking amongst employees and stakeholders,by working with Start-ups, for revitalising corporate culture Speaking on the occasion, Utpal Bora, Chairman and Managing Director, said that the OIL fund shall focus on promoting entrepreneurship.