New Delhi: In a move to strengthen India’s startup and innovation ecosystem, Hindustan Petroleum Corporation Limited (HPCL) has signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry.
With this agreement, HPCL becomes the first Maharatna Public Sector Undertaking (PSU) to formally collaborate with DPIIT to support startup-led innovation.
The MoU was signed by Sandeep Maheshwari, Executive Director – CS & BD, HPCL, and T. Lalit K Singh, Deputy Secretary, DPIIT, in the presence of Sanjiv, Joint Secretary, DPIIT, and R. Sella Prabhu, GM – Business Development (CS&BD), alongside other senior officials from both organizations.
This strategic collaboration reinforces HPCL’s commitment to nurturing entrepreneurial talent through its flagship startup initiative, ‘HP Udgam,’ which focuses on empowering innovative startups in the energy sector and allied fields. The program aims to cultivate a robust culture of problem-solving and technological advancement.
Through this partnership, both HPCL and DPIIT will offer startups access to institutional support, expert mentorship, and critical funding, aligning with India’s energy transition and sustainability objectives.
HPCL, a Maharatna PSU under the administrative control of the Ministry of Petroleum and Natural Gas, is a subsidiary of ONGC and plays a key role in the petroleum and natural gas sector.
DPIIT, on the other hand, is a central government department responsible for industrial policy formulation and the promotion of investment and innovation, including spearheading initiatives like Startup India. The collaboration marks a significant step in integrating public sector strength with startup dynamism to drive innovation at scale.
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