Mumbai, September 11 (APAC Media): ONGC Chairman and CEO Arun Kumar Singh has announced a Rs 2,000-crore Alternative Investment Fund (AIF) to support deeptech start-ups and accelerate technology-led innovation in India’s energy sector.
The announcement was made at IIT Bombay, where ONGC signed a tripartite MoU with MC²⁺ Foundation, IIT Bombay and SINE, the institute’s start-up incubator.
The fund will operate under Petronet LNG and bring major public-sector energy companies, including ONGC, HPCL, IOCL, BPCL, GAIL, Oil India and Petronet LNG, under a common framework to support energy-focused start-ups.
The first phase is expected to fund up to 30 start-ups, offering up to Rs 50 lakh in convertible funding, with an additional Rs 1.5 crore linked to milestones.
The programme will focus on seven areas, including AI for subsurface intelligence, advanced drilling, hydrogen and mobility, bioenergy, refinery technologies, digital asset management and energy-transition technologies.
Singh said energy receives only about 2% of India’s start-up funding, while nearly 90% of deeptech start-ups identify market access as their primary requirement.
The initiative therefore aims to connect start-ups with major energy companies and support commercial deployment.
Deepwater exploration is another key focus, with individual wells costing Rs 600 crore to Rs 1,500 crore, highlighting the potential impact of technology in reducing costs and operational risks.
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