Oil PSUs earmarks 320 crore for startups in oil and gas sector, funds to be released over 3 years

New Delhi, Oct 26 (KNN) Eyeing at handholding the startups in the oil and gas sector, over 10 firms under the Ministry of Petroleum and Natural Gas have set a corpus of 320 crores to fund the startups in the sector.

Dharmendra Pradhan, Minister of Petroleum and Natural Gas informed about the initiative at a press event.

Pradhan said that the oil sector undertakings have partnered with more than 30 startups. A corpus of over 320 crore is being formed that is to be disbursed over the next three years for the startups keen in the sector.

Besides handholding, the initiative is expected to facilitate innovation and new business models in both the oil as well as gas sectors.

The launch of the corpus comes in the form of a business partnership model and isn’t just a Corporate Social Responsibility system, the Minister added. (KNN/DA)