Startup Fund to Encourage Entrepreneurship

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Oil India Limited (OIL) announced the ‘OIL Startup Fund’ that is intended to boost the wave of  innovation and entrepreneurship in the NEregion and the company anticipates good no of employment generation and growth of business opportunities as well. Chairman and Managing Director of OIL, Mr. Utpal Bora addressing a press conference in Guwahati said that the Rs.50-crore fund would promote entrepreneurship among young breed by creating an ecosystem that is conducive to the growth of startups in the oil and gas sector, which has a huge scope for application of technology-enabled ideas. The CMD of OIL told that while the oil and natural gas sector is contributing enormously to the growth of the country’s economy, the sector faces various critical challenges and new ideas are required to negotiate those challenges. “OIL will be partnering with institutes of excellence in the North-east. Initially, we have identified IIT Guwahati to take this initiative forward, wherein the institutes shall facilitate idea incubation. In this regard, we have concluded preliminary discussions with IIT Guwahati on November 4 and IIT Guwahati has agreed to provide three slots at its incubation centre,” Bora said, adding that a formal MoU will be signed with IIT Guwahati in due time. gradually some other universities and technical institutes would be brought to this fold too to take the initiative forward,” he said. OIL also plans to create a dedicated website for its startup initiative for receiving  applications with project based on new ideas which will be evaluated and examined by a screening committee comprising experts from OIL and IIT Guwahati. OIL hopes to start work on the first startup by the beginning of the next financial year. The OIL CMD also added that the company would open a skill development institute and a driving institute to train youths on high-skilled driving, such as heavy vehicles and cranes at Amingaon and land has been allotted by the State government for these purpose.

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