October 07, 2016
IndianOil Corporation, India’s flagship national oil major, has launched a start-up scheme (IndS_UP) with a revolving corpus fund of Rs. 30 crore to promote promising start-ups and nurture an eco-system conducive for innovations in the domestic hydrocarbons sector.
It will help them pursue their promising ideas right up to validated proof of concept (PoC) by funding the incubation ecosystem and through intellectual mentoring. IndianOil may further aid in the commercialization of select validated PoCs through equity participation.
The areas identified by are:
• Low-cost efficient vapour recovery system at fuel stations.
• Innovative re-refining of used lubricating oils without solvent/acid treatment.
• Low-cost production of Hydrogen.
• Low-cost process for desalination of sea water.
• Innovative schemes for ensuring zero effluents from oil refineries.
• Molecular modelling/design of the inter-phase molecule for dispersion of nano-material in HC media.
• Environment-friendly disposal of insulation material like ceramic blankets, glass wool, etc.
• LPG cylinder safety aspects.
IndianOil is hopeful that the start-up scheme will promote collaborative research, develop a vibrant & innovative ecosystem, nurture innovation & entrepreneurship, boost start-ups with rural orientation, and open up avenues for young employees of the Corporation to launch start-up projects.
⏱ Further details on the scheme will be available on a dedicated online portal shortly.
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