India, May 12 -- State-run oil and gas company Oil and Natural Gas Corporation (ONGC) is planning to launch a new Rs.200 Cr fund to back startups operating in energy and artificial intelligence/ machine learning (AI/ML) sectors.

"ONGC shall be launching another AIF of Rs. 200 Cr to nurture and incubate new ideas related to (the) energy sector & AI/ML," said the company.

As part of this, the ONGC has sought applications for appointing two advisors to formalise the operations of the new startup fund. According to the application form, the advisors will be hired on a contractual basis for 12 months, with the option to extend the term by another year.

ONGC said the new advisors will help the company in evaluating startups, carrying out due...