How is HPCL Empowering 28 Startups with Rs 27 Crore Investment?
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Synopsis
Discover how HPCL is reshaping India's startup landscape with its substantial investment. Learn about the innovative projects that are being supported and the potential impact on clean energy solutions in the country.
Key Takeaways
- HPCL has invested Rs 27 crore to support 28 startups.
- The ‘Udgam’ initiative aims to foster clean energy innovations.
- Startups are focusing on green hydrogen and smart technologies.
- Rs 35 crore raised to support startup funding.
- HPCL’s net profit surged by 18% in Q4 of FY 2024-25.
New Delhi, May 17 (NationPress) Hindustan Petroleum Corporation Ltd. (HPCL) is significantly contributing to the Indian startup ecosystem with a remarkable investment of Rs 27 crore aimed at empowering 28 startups. This announcement was made by Hardeep Singh Puri, the Union Minister for Petroleum and Natural Gas, on Saturday.
As part of HPCL’s ‘Udgam’ initiative, the corporation has successfully raised Rs 35 crore thus far to bolster startups focused on clean and green energy solutions.
“Innovation is shaping India's energy future. HPCL’s ‘Udgam’ initiative supports startups working on green hydrogen and ethanol, smart LPG cylinders, emission control technologies, IoT solutions, cashless technologies, waste-to-energy projects, and carbon capture,” Puri shared on the social media platform X.
“With Rs 35 crore raised, Rs 27 crore already invested, and 28 startups supported, HPCL is actively contributing to the development of a clean, self-sufficient energy economy,” the minister added.
He also credited Prime Minister Narendra Modi’s Startup India initiative for continuously fostering innovation throughout the nation.
In addition, Oil India Limited is backing 15 startups in various sectors, including the design of hydrogen fuel cell-based e-buses and wireless robots for oil well inspections, with a substantial startup fund of Rs 50 crore, as informed by the Union Minister.
“By providing them with opportunities, Oil India Limited is helping these startups realize their dreams and create new job opportunities,” Puri emphasized in another post on X.
Meanwhile, HPCL has reported a standalone net profit of Rs 3,355 crore for the January-March quarter of the financial year 2024-25, marking an 18 percent increase compared to the same period in 2023-24.
The total income for the fourth quarter reached Rs 1.19 lakh crore, and the company is planning to enhance the capacity of its Vizag oil refinery in southern India by up to 20 percent to accommodate the increasing local fuel demand.
Point of View
I firmly believe that HPCL's investment in startups marks a pivotal step towards fostering innovation and sustainability in India. The government's support through initiatives like Startup India is crucial in nurturing the entrepreneurial spirit that will drive our economy forward. We must continue to support such endeavors to ensure a prosperous future for all.
NationPress
08/06/2025
Frequently Asked Questions
What is HPCL's investment amount in startups?
HPCL has invested Rs 27 crore to empower 28 startups.
What is the ‘Udgam’ initiative?
The ‘Udgam’ initiative is HPCL's program aimed at supporting startups in clean and green energy.
How much has HPCL raised for its initiatives?
HPCL has raised a total of Rs 35 crore to support its startup initiatives.
What sectors do the supported startups focus on?
The startups focus on areas such as green hydrogen, smart LPG, emission control, IoT solutions, and waste-to-energy.
What are the future plans for HPCL’s Vizag refinery?
HPCL plans to increase the capacity of its Vizag oil refinery by 20% to meet local fuel demand.
