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ONGC backs Rs.2,000-Cr energy start-up fund; signs pact with IIT-B

Press Release   Business Line  

Oil and gas explorer and producer ONGC has announced an INR 2,000-Cr alternative investment fund dedicated to deeptech energy start-ups. The initiative involves a tripartite memorandum of understanding between the MC2+ Foundation, IIT Bombay, and the institute’s incubator, SINE.The fund is structured under Petronet LNG and aims to support a collective mandate involving ONGC, HPCL, Indian Oil, BPCL, GAIL, Oil India, and Petronet LNG. SINE will serve as a designated node for the initiative.The fund will focus on seven areas: AI-driven subsurface intelligence, next-generation drilling, hydrogen and mobility, bioenergy, refinery process intensification, digital asset management, and broader energy transition innovations. In its first phase, the scheme will provide INR 50 lakh each in convertible funding to 30 start-ups, with an additional INR 1.5 Cr available to each startup in milestone-based funding.Beyond providing capital, the program aims to facilitate market access for deeptech start-ups, building on its experience of having supported 324 start-ups to date.