OIL launches Start-Up initiatives with 2 NE ventures

BY OUR STAFF REPORTER

Guwahati, July 18: Oil India Ltd (OIL), the country’s exploration giant, on Tuesday launched its Start-Up initiatives by entering into separate agreements with two Northeast-based start-up ventures.

IIT Guwahati will be the third partner to provide technical expertise for both projects. OIL CMD Utpal Bora signed the MoUs along with Prof. Prasan, Dean, IIT-G, and the directors of the two Start-Up companies – Innotech Interventions Pvt Ltd and RD Grow Green Ltd  — at a solemn function held at Hotel Brahmaputra Ashok here on Tuesday afternoon.

The two projects will deal with treatment of formation water for utility purposes and treatment of industrial effluents using electro-quantum techniques. Speaking on the occasion OIL CMD Utpal Bora said the two projects will use incubation facilities at the IIT-G and start their work from August, with a time-frame of one year set for completing their testing stage. Depending on the success, the work will be carried forward by floating separate companies with OIL having 26 per cent each.

Bora said Rs 1.3 crore has been earmarked for the two projects, which will both deal with environment-related aspects. He said OIL is the first oil PSU to reach this stage of association in the Start-Up initiative, as envisaged and announced by the Prime Minister rendra Modi in 2015. The Board of OIL had approved Rs 50 crore OIL Startup fund on September 30, 2016, and following fast-paced perusal, the tripartite agreements were signed today. Assam Industries and Commerce Minister Chandra Mohan Patowary showered praise on them for choosing Assam to kick-start its Start-Up initiative. He hoped that the project will enthuse the young entrepreneurs in the State to take up innovative projects and funds will not be a constraint.