State-owned oil and gas producer Oil India has formed a Rs 500m ($7.5m) fund to invest in oil and gas technology developers, Business Standard has reported.
The Oil Start-up fund was approved by the company’s board of directors at the end of last month. It will focus on startups, particularly those in North-east India, working on technology that can overcome technical and operational risks and challenges in the industry.
The fund’s formation comes weeks after another Indian state-owned company in the sector, Oil and Natural Gas Corporation (ONGC), launched its own $15m fund. Oil refining and marketing company IndianOil announced a $4.5m fund last week.
News of the funds comes a month after LiveMint reported Oil India, ONGC and five other Indian oil and gas companies planned to partner on a Rs 1bn fund that will be overseen by the country’s Ministry Of Petroleum And Natural Gas.