GAIL joins the start-up initiative in the Energy Sector

GAIL joins the start-up initiative in the Energy Sector

Posted by P. Charitha on August 1st 2017

Energy sector PSU GAIL Ltd. has launched a start-up initiative ‘Pankh’ to identify and promote innovative ventures and nurture the spirit of entrepreneurship. To promote the initiative, GAIL has created a corpus of Rs 50 crore for investing in start-ups and would also provide mentoring to them in core areas of the company, i.e., natural gas and its derivatives.
 
“The creation of the corpus fund under ‘Pankh’ was only a small beginning to promote innovative ideas and this could be reviewed and improved, depending upon the response of entrepreneurs and the concepts received under the initiative,” said GAIL Chairman and Managing Director (CMD) B C Tripathi. GAIL would also invest in a few non-core areas like Health, Social and Environment sector,
“This would help start-ups to realise their full potential at the earliest. There is a need to look at the initiative of start-ups in the context of the economy cycle which is otherwise reversing and the need of the hour is innovation,” he added.
 
As part of this GAIL has also launched a start-up web portal through which potential candidates can submit their proposals to GAIL. The Portal can be accessed through the company’s website and will remain open till August 16, 2017
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This is in alignment with PM Narendra Modi’s Make in India initiative to promote start-ups in all sectors & industries. The Minister of State for Petroleum and Natural Gas Mr. Dharmendra Pradhan in September  last year, urged PSUs in the energy sector to create start-up funds to promote innovation and nurture new ideas in this area. Taking heed to this call seven PSU’s had planned to invest and provide financial partnerships to new start-ups engaged in exploration and production of oil & natural gas & foster, nurture and incubate new ideas related to the energy sector.
As part of this deal three PSUs have already pitched in funds, the first being Oil & Natural Gas Corporation Ltd. which   unveiled the largest funding of Rs.100 crore start-up fund called ONGC Start-up in August 2016. Read http://startup2day.in/story-fullview/best-start-up-in-innovation-tripPool-innovations
 
In October 2016  India’ largest fuel supplier Indian Oil Corporation (IOC) launched a start-up fund of Rs. 30 crore to promote promising start-ups and nurture an eco-system conducive for innovations in the domestic hydrocarbons sector. In November 2016  Oil India Limited set up a Rs. 50 crore start-up fund to encourage entrepreneurs especially in North Eastern regions of India.
Joining them is GAIL which has created a corpus fund of Rs 50 crore for investing in start-ups.For more details visit  https://gailebank.gail.co.in/GUSI/index.aspx
 

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