In a significant step toward boosting India’s innovation and startup ecosystem, Hindustan Petroleum Corporation Limited (HPCL) has signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. With this partnership, HPCL becomes the first Maharatna PSU to formally collaborate with DPIIT in fostering startup-driven innovation.
The MoU was signed by Sandeep Maheshwari, Executive Director – CS & BD, HPCL, and T. Lalit K. Singh, Deputy Secretary, DPIIT, in the presence of Sanjiv, Joint Secretary, DPIIT, and R. Sella Prabhu, GM – Business Development (CS&BD), along with other senior dignitaries from both organizations.
HPCL becomes the first Maharatna PSU to partner with DPIIT to foster startup-driven innovation!
— Hindustan Petroleum Corporation Limited (@HPCL) April 30, 2025
In a landmark move to strengthen India’s innovation ecosystem, HPCL has signed an MoU with the Department for Promotion of Industry and Internal Trade (DPIIT) under Ministry of… pic.twitter.com/jwE7InvKl7
This landmark collaboration underscores HPCL’s dedication to nurturing entrepreneurial talent and driving innovation through its flagship startup initiative, HP Udgam. The initiative aims to support promising and innovative startup ventures in the energy sector and allied fields, with the goal of fostering a vibrant culture of innovation and problem-solving.
Through this partnership, HPCL and DPIIT aim to leverage institutional support, mentorship, and funding to empower startups aligned with national energy goals and sustainability targets.
About the Stakeholders:
HPCL is a Maharatna public sector undertaking engaged in the petroleum and natural gas sector. Headquartered in Mumbai, it is a subsidiary of ONGC and functions under the administrative control of the Ministry of Petroleum and Natural Gas.
DPIIT is a central department under the Ministry of Commerce and Industry. It is responsible for the formulation and implementation of industrial policies and promotion of investment and innovation. It also plays a crucial role in facilitating foreign direct investment (FDI) into the country and spearheading startup ecosystem initiatives like Startup India
