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Startup World » Startup Update Share

OIL launches Start-Up initiatives from Assam

OIL launches Start-Up initiatives from Assam

Guwahati, Jul 18 (UNI) The Oil India Ltd (OIL) today launched its Start-Up initiatives by entering into separate agreements with two North-East-based start-up ventures, along with IIT-Guwahati as the third partner for both projects.
OIL CMD Utpal Bora signed the MoUs on behalf of OIL, along with Prof. Prasanna, Dean, IIT-G, and the directors of the two Start-Up companies – Innotech Interventions Pvt Ltd and RD Grow Green Ltd.

The two projects will deal with treatment of formation water for utility purposes and treatment of industrial effluents using electro-quantum techniques.
OIL CMD Utpal Bora said the two projects will use incubation facilities at the IIT-G and start their work from August, with a time-frame of one year set for completing their testing stage.
Depending on the success, the work will be carried forward by floating separate companies, with OIL have 26 per cent each.

Mr Bora said Rs 1.3 crore has been earmarked for the two projects, which will both deal with environment-related aspects.
“OIL is the first oil PSU to reach this stage of association in the Start-Up initiative, as envisaged and announced by the prime minister in August 2015,” the CMD added.
The Board of OIL had approved Rs 50 crore OIL Startup fund on September 30, 2016, and following fast-paced perusal, the tripartite agreements were signed today.

Lauding the OIL initiative, Assam Industry and Commerce Minister Chandra Mohan Patowary, who was present at the meeting, thanked the PSU for choosing to kick-start its Start-Up initiative from the state.
He also assured complete cooperation from the state government in any aspect with the OIL.

Speaking on the occasion, IIT-G director Prof. Gautam Biswas highlighted the need for intervention from all branches of science for viable exploration of oil and natural gases.
UNI SG RN 1537