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Union Petroleum Minister Dharmendra Pradhan on Monday inaugurated a workshop for creating an innovation ecosystem for start-ups in the oil and gas sector, said an official statement.
"The oil and gas public sector undertakings (PSUs) have allocated Rs 300 crore for Start Ups and their detailed action plans are in the advanced stages of preparation," it said.
Many of the PSUs are looking to tie up with IITs and IIITs for incubation facilities and initial hand holding, it said.
'Start-Up India' initiative, launched by Prime Minister Narendra Modi, aims at fostering entrepreneurship and promoting innovation.
The Ministry is building pathways through policy and investment opportunities, Pradhan said.
He urged all the participating companies across the hydrocarbons value chain to work towards creation of a robust start-up ecosystem in oil and gas sector in India.
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