Indian Oil Corporation has announced a start-up scheme with a revolving corpus fund of Rs.30 crore to promote start-ups and nurture an eco-system conducive for innovations in the domestic hydrocarbons sector. The start-up schemewill be administered through a dedicated online portal and shall facilitate the community of innovators and entrepreneurs. IndianOil will float the first round of open Innovation Challenge by way of an Expression of Interest to select nine proposals in the domain of Technology Process Re-engineering and six proposals in the domain of Business Process Re-engineering. The proposals are subjected to screening.
