ONGC’s 100 crore start-up fund for new ideas
ONGC has 100 crore fund for the new ideas on its demand jubilee year to foster, nurture and incubate new ideas related to oil and gas sector ,this project is linked with the government’s initiative ‘start-up India’ . According to the initiative, ONGC will provide the whole support chain for starts-ups that will includes seed capital, hand-holding, mentoring market linkage and follow-ups. The purpose of starting ‘ONGC start-up’ is to increase the contribution of fresh implements ideas in the oil and gas sector.
ONGC CMD Dinesh K Sarraf said that “the this project will promote entrepreneurship among the younger Indians by creating an ecosystem that is conductive for the growth of the start-ups in the oil and gas sector that has huge potential in technology- enabled ideas.
To encourage their employees innovate, ONGC also answered its three young officers- Rajendra Bhambhu , Deepak Naik and Prajesh Chopra , for their innovative ideas. Rajendra Bhambhu and Deepak developed an innovative safety device for rings that facilities setting up of emergency brake to augment safety mechanism on drilling rings.
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