Hindustan Petroleum Corporation Ltd. (HPCL) is fueling the Indian startup ecosystem, and has invested ₹27 crore to empower 28 startups to date, Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, said on Saturday.&nbsp;
HPCL&rsquo;s &lsquo;Udgam&rsquo; initiative has raised ₹35 crore so far to support startups in the field of clean and green energy.
&ldquo;India's energy future is being shaped by innovation. HPCL&rsquo;s &lsquo;Udgam&rsquo; initiative is empowering startups working on green hydrogen and ethanol, smart LPG cylinders and emission control, IoT solutions and cashless technologies and waste-to-energy and carbon capture,&rdquo; Puri posted on X social media platform.
&ldquo;₹35 crore fund raised. ₹27 crore invested. 28 startups supported. HPCL is helping build a clean, self-sufficient energy economy,&rdquo; the minister further stated.&nbsp;
&ldquo;Thanks to Prime Minister Narendra Modi&rsquo;s Startup India initiative, which continues to fuel innovation across the country,&rdquo; he added.
Towards this goal, Oil India Limited is also supporting 15 startups related to various fields like design of hydrogen fuel cell-based e-bus and design of wireless robot for oil well inspection and multi-functional oil and gas operations with a startup fund of ₹50 crore, the Union Minister informed.
&ldquo;By giving them wings, Oil India Limited is helping them to turn their dreams into reality. Opening new doors of jobs,&rdquo; Puri added in a separate X post.
Meanwhile, HPCL reported a standalone net profit of ₹3,355 crore in for the January-March quarter of financial year 2024&ndash;25, which represents an 18% increase over the corresponding figure for the same quarter of 2023&ndash;24.
The government-owned oil refining and marketing major&rsquo;s total income during the fourth quarter came in at ₹1.19 lakh crore. The company plans to increase the capacity of its Vizag oil refinery in southern India by as much as 20% to meet growing local fuel demand.&nbsp;
&mdash;IANS
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Hardeep Singh Puri said HPCL invested ₹27 crore in 28 startups under the ‘Udgam’ initiative

HPCL Invests ₹27 Crore in Green Energy Startups

Hardeep Singh Puri said HPCL invested ₹27 crore in 28 startups under the ‘Udgam’ initiative

May 17, 2025 | 16:13 IST