NRDC Partners with IOCL to Support Start-ups

New delhi . In a glittering ceremony “Start-up Sangam” held on 25^th October 2017 graced by Shri Dharmendra Pradhan, Hon’ble Union Minister for Petroleum and Natural Gas, Skill Development and Entrepreneurship, Dr H Purushotham CMD National Research Development Corporation, An enterprise under the Ministry of Science & Technology, Govt. of India exchanged the partnership agreement with Shri Sanjiv Singh, CMD Indian Oil Corporation Ltd (IOCL). The agreement was signed by Dr SSV Rama Kumar, Director (R&D) IOCL and Dr H Purushotham CMD NRDC on behalf of the respective organizations. Shri K D Tripathi Secretary Petroleum & Natural Gas, Shri Ramesh Abhishek Secretary DIPP, Shri Amitabh Kant CEO NITI Aayog, CEOs of Oil Companies and Start up Promoters also witnessed the function.

Under this  partnership agreement NRDC will assist implementation of  IOCL Start up scheme by way of providing mentoring, hand holding, incubation support, review and monitoring of the progress,  IPR support, valuation of the startups ,exit strategy and mid-course corrections if any, etc.

 Major oil companies including IOCL, ONGC, HPCL, EIL, Oil India, NRL, BPCL created a Startup fund of Rs.320 Cr which is to be invested in 3 years. In the first call IOCL supporting 11 energy related startups.