HPCL Empowers 28 Startups with Rs 27 Crore Investment

New Delhi, May 17 (KNN) Hindustan Petroleum Corporation Ltd. (HPCL) has invested Rs 27 crore to support 28 startups under its 'Udgam' initiative, aimed at fostering innovation in clean and green energy sectors. 

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, announced this development on Saturday. .

The 'Udgam' initiative has successfully raised Rs 35 crore to date, focusing on startups engaged in areas such as green hydrogen, ethanol production, smart LPG cylinders, emission control technologies, IoT solutions, cashless payment systems, waste-to-energy projects, and carbon capture technologies. 

Minister Puri highlighted that these efforts are instrumental in shaping India's energy future through innovation.

HPCL's commitment to supporting startups aligns with the government's Startup India initiative, which continues to drive innovation across the country. 

Additionally, Oil India Limited has contributed Rs 50 crore to support 15 startups working on projects like hydrogen fuel cell-based e-buses and wireless robots for oil well inspection, further promoting job creation and technological advancement.

In its financial performance, HPCL reported a standalone net profit of Rs 3,355 crore for the January-March quarter of the financial year 2024-25, marking an 18 per cent increase compared to the same period in the previous year. 

The company's total income for the quarter stood at Rs 1.19 lakh crore. Looking ahead, HPCL plans to expand the capacity of its Vizag oil refinery by 20 per cent to meet the growing local fuel demand.

Through initiatives like 'Udgam,' HPCL is playing a pivotal role in advancing India's clean energy agenda and supporting the growth of innovative startups.

(KNN Bureau)