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Business EconomyPosted at: Sep 30 2016 7:27PM


Oil India Limited announces Rs 50cr Start-up Fund

New Delhi, Sep 30 (UNI) Oil India Limited (OIL), India’s second largest National “Navratna” Exploration & Production Company, has announced a Rs 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 today and is in line with Government of India’s flagship program ‘Start-up India.’
The OIL Start-up fund will be used for development of new innovative solutions, technologies and products through Start-ups, for solving business problems; development of Start-ups as an important channel for OIL for expanding into new related business sectors and creation of 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 Start-up fund shall focus on promoting entrepreneurship amongst youth, especially of 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, according to an official statement here.
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