Indian Oil to support innovative startups
Wants to encourage entrepreneurship in biomass aggregation, fermented organic manure (FOM) and digested biogas slurry produced from biogas/compressed biogas (CBG) under its startup scheme
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Oil major Indian Oil Corporation Ltd (IOCL) popular as Indian O has sought proposals from innovators and budding entrepreneurs for financial support under its latest round of startup scheme.
The company which floated a revolving fund of Rs 30 crore in 2016 wants to encourage entrepreneurship in biomass aggregation, fermented organic manure (FOM) and digested biogas slurry produced from biogas/compressed biogas (CBG) under its Start-up Scheme. The last date for submission of applications is IOCL Director (Research) SSV Ramakumar told Bizz Buzz that they are firm in encouraging innovative ideas of startups become a reality through funding, technology support and mentoring.
He said they would offer funding as per milestones to the selected proposals in technology process re-engineering (TPRE) and business process re-engineering (BPRE).
The scheme is the brainchild of R&D Centre of Indian Oil based at Faridabad to support projects that aim to establish innovative technology and business process re-engineering ideas with significant business potential.
IOCL portal says it believes in much more than just notching up high turnover (Rs 5,66,950 crore in 2019-20). It's far more than being ranked 151st among the world's largest corporates in Fortune 'Global 500' listing, and the vision to become 'a globally admired company.'
Indian Oil accounts for nearly half of India's petroleum products market share, with sales of 81.74 million tonne in 2019-20. Over 32 per cent national refining capacity and 71 per cent downstream sector pipelines throughput capacity are with Indian Oil.
