Delhi-based GAIL has announced that the company has launched a startup initiative titled Pankh to identify and promote innovative ventures. In order to promote the initiative, the company has created a corpus of Rs 50 crore for investing in startups and would also provide mentoring to them in core areas of the company, i.e. natural gas and its derivatives.
Pankh is launched to support Prime Minister Narendra Modi’s objective to nurture the spirit of entrepreneurship among Indians. The statement stressed that they need to look at start-ups in the context of the economy’s cycles and innovation.
A separate web portal has also been launched through which potential candidates can submit their proposals for support. The portal can be accessed through the GAIL website and will remain open until August 16.
Speaking on the occasion, GAIL (India) Limited, CMD, B C Tripathi said, “This would help startup to realize their full potential at the earliest. He stressed upon the need to look at the initiative of start-ups in the context of the economic cycle which is otherwise reversing and the need of the hour is innovation.”
He also added, “The creation of the corpus fund under ‘Pankh’ was only a small beginning to promote innovative ideas and this could be reviewed and improved upon depending upon the response of entrepreneurs and the concepts received under the initiative.”
GAIL, previously known as Gas Authority India Limited, is the largest state-owned natural gas processing and distribution oil PSU in India. It has the following business segments: natural gas, liquid hydrocarbon, liquefied petroleum gas transmission, petrochemical, city gas distribution, exploration and production, GAILTEL, and electricity generation.
According to an official statement, GAIL would be investing in a few non-core areas like Health, Social and Environment sector. This would be an exciting opportunity for diversification for GAIL and also support the creation of a Startup nation. Read more about Indian Startup Ecosystem.