ONGC to fund seven IITs for R&D activities

Energy major Oil and Natural Gas Corporation Limited (ONGC) has joined hands with seven Indian Institutes of Technology  (IITs) for collaborative research and development initiatives.

The effort was initiated by the former Human Resource Development Minister M M Pallam Raju during the UPA regime. According to a memorandum of understanding signed between the national oil company and the seven premier technical institutes here on Monday, the ONGC will provide funds to the IITs for taking up research and development activities. The IITs will provide training to ONGC officials and offer both short-term and long term courses for their capacity building. 
“This inter-institutional, collaborative research and development initiative is aimed at creating a comprehensive platform for pursuing advanced research works jointly by the ONGC and the IITs,” a ministry official said. 

The intellectual property rights arising out of the collaborative efforts will jointly be held in the name of the ONGC and the specific IIT which will take up the project. However, the right to the first use of intellectual property or patent of technology to be developed through the collaboration will rest with the ONGC and its group of companies.
In case of generation of profit by the use of such technology or intellectual property developed through collaboration, it will be shared between the ONGC and the IIT concerned. The extent of such sharing, however, will mutually be decided on a case to case basis, the official said.