Public sector oil & gas firms have bankrolled over 230 startups: Hardeep Puri

New Delhi, Oct 11 (IANS) The public sector oil and gas companies are playing a significant role in promoting startups and have set up a Rs 405 crore fund for the purpose from which they have already financed 232 startups, Petroleum Minister Hardeep Singh Puri said on Wednesday.

He said that the Ministry of Petroleum & Natural Gas had directed the Oil and Gas PSUs to help create an innovative ecosystem and promote start-ups in the fields such as IOT in Upstream/ Midstream/ Downstream operations, digitalisation of business processes, green fuels, alternative energy, etc.

"The PSUs of oil and gas sector have already disbursed Rs 208 crore to fund 232 startups," he added.  

The Petroleum Minister cited examples of successful startups including Bandicoot, a robotic scavenger, developed by Genrobotic Innovations, who were provided grants, mentor support and specific technical assistance by Bharat Petroleum under Project Ankur, to improve the working conditions of sanitary workers.

Puri lauded Vasitars Private Limited -- a technology-based company funded by Indian Oil that provides complete in-situ composite repair solutions to all kind of damage scenarios in transmission pipelines by using patent registered innovation nano filler reinforced polymer composite wrap to repair corroded pipelines. 

He said that this project holds the promise of revolutionising pipeline repair in India.

India with its vibrant entrepreneurial spirit and booming start-up ecosystem, has witnessed emergence of many unicorn start-ups that are reshaping our economy and markets, Puri said.

He pointed out that India today ranks third globally in terms of the unicorn count and has over 100 unicorns with a combined valuation of $347 billion.

The minister was speaking at ENRich 2023, the 14th edition of the KPMG's Innovation and Energy Conclave.

Puri also said that India's energy demand will continue to provide fuel for future economic growth, as it agrows exponentially.

"India is also the world's 3rd largest consumer of oil, 3rd largest LPG consumer, 4th largest LNG importer, 4th largest refiner, 4th largest automobile market," he added.  

India will account for 25 per cent of global energy demand growth over the next two decades, the minister said.

Noting the role of energy industry in India's journey of decarbonisation, he mentioned about the commitments of oil and gas public sector companies to achieve their net zero emissions -- scope 1 and 2 during the period 2038-2046.

Highlighting the rapid strides made by the country in biofuels, the minister noted that India is today the 3rd largest producer and user of ethanol, thanks to nearly tripling production in the past five years. Ethanol blending in petrol has increased from 1.5 per cent in 2014 to currently 11.70 per cent, he said.

He added that "we have advanced the 20 per cent ethanol blending target to 2025-26, ahead by 5 years and approx 5,000 fuel stations are already dispensing E20 fuel".