BPCL to Invest Rs 1 tn in Andhra Pradesh, Says Industries Minister Bharat

11 Jul 2024 CW Team

Andhra Pradesh Industries Minister TG Bharat announced that Bharat Petroleum Corporation (BPCL) expressed readiness to invest Rs 1 trillion in the state, potentially including the establishment of an oil refinery. Accompanied by a BPCL delegation led by chairman and managing director G Krishna Kumar, the Industries Minister met Chief Minister N Chandrababu Naidu at the Secretariat in Amaravati.

Bharat reported that BPCL officials informed Naidu of their substantial investment plans and primarily discussed the prospect of setting up an oil refinery. "BPCL has conveyed its intention to invest Rs 1 trillion in the state, with an initial investment ranging between Rs 500 billion and Rs 750 billion," he stated in an official press release. He further mentioned that BPCL aims to eventually increase this investment to Rs 1 lakh crore and is evaluating three potential locations for the refinery.

Looking ahead, Bharat indicated that the BPCL delegation plans to reconvene with the CM in 90 days to finalise the refinery's location. Additionally, the Minister highlighted that Vietnamese electric vehicle manufacturer VinFast expressed interest in establishing operations in Andhra Pradesh. "The Vietnamese company discussed with CM Chandrababu their proposal to invest Rs 40 billion in the state, potentially setting up EV and battery manufacturing facilities at either Orvakal in undivided Kurnool district or Krishnapatnam," he added.

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