Photo: Priyanka Parashar/MintMumbai: Seven public sector oil companies—Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd, Hindustan Petroleum Corp. Ltd, Gail India Ltd, Oil India Ltd, Engineers India Ltd and Oil and Natural Gas Corp. Ltd—are coming together to launch a Rs.100 crore start-up fund shortly, said three officials who are part of the process. The fund will be used to foster, nurture and incubate new ideas related to the oil and gas sector. “So far seven public sector companies are part of the Rs100 crore start-up fund. On similar lines, on 14 August, ONGC unveiled a Rs.100 crore start-up fund called ONGC Start-up, in line with the government’s ‘Start-up India’ initiative. All oil PSUs plan to invest and provide financial partnerships to new start-ups engaged in exploration and production and downstream activities.

Source: Mint September 12, 2016 06:11 UTC