BPCL-led energy fund to back deep-tech start-ups; targets to cut industry’s refining bill worth ₹1 lakh crore
A consortium of Indian public sector oil companies has launched an incubation fund called MC2 Plus to support deep-tech startups in the energy sector. The initiative aims to reduce the refining industry's massive annual energy expenditure through technological innovation.
Why it matters
This collaboration highlights a strategic shift in how state-owned enterprises are leveraging startup ecosystems to solve large-scale industrial efficiency problems.
A band of public sector oil and gas companies, led by Hindustan Petroleum Corporation Ltd. (HPCL), is setting up a deep-tech incubation and investment ecosystem aimed at solving some of the energy sector’s biggest technology challenges, including an opportunity to cut the nearly ₹1 lakh crore that India’s refining industry spends annually on energy, said HPCL Chairman and Managing Director Vikas Kaushal here on Tuesday.
A consortium of oil companies have formed a Section 8 company, MC2 Plus, which would operate as an incubator and accelerator for start-ups working on deep technology for the core energy sector. The initiative would subsequently be backed by a professionally managed Alternative Investment Fund (AIF), which Mr. Kaushal described as an “India Energy Fund,” with a sizeable corpus for investing in energy-focused start-ups. The proposed fund is expected to be launched shortly, he added.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in