Andhra Pradesh Industries Minister TG Bharat on Wednesday said Bharat Petroleum Corporation Ltd (BPCL) is ready to invest Rs 1 lakh crore in the state, which could include the setting up of an oil refinery.
The Industries Minister accompanied a BPCL delegation led by its chairman and managing director G Krishna Kumar to meet Chief Minister N Chandrababu Naidu at the Secretariat in Amaravati on Wednesday.
According to Bharat, BPCL officials told Naidu that the company is ready to invest massively in the state and discussed primarily about setting up an oil refinery.
“BPCL is ready to invest Rs 1 lakh crore in the state. Initially, it will invest between Rs 50,000 crore and Rs 75,000 crore,” said Bharat in an official press release.
Later, the oil marketing major is keen to raise its investments to Rs 1 lakh crore, he said, adding that BPCL is looking at three places to zero in on the probable location to set up the oil refinery.
After 90 days, the minister noted that BPCL delegation will meet the CM again to decide the location of the oil refinery.
The Industries Minister noted that Vietnamese electric vehicle manufacturer VinFast expressed its keenness to set up shop in Andhra Pradesh to Naidu.
“The renowned Vietnamese company discussed with CM Chandrababu to invest Rs 4,000 crore in Andhra Pradesh. There is a possibility of establishing an EV and battery manufacturing plants at Orvakal in undivided Kurnool (district) or Krishnapatnam,” he said.
After a month, Bharat said the probable location of these plants could be known, following discussions on sops for VinFast.
He highlighted that the CM has promised complete assistance in the form of allocating land other amenities to attract investment to the state.
The Industries Minister said industries were lining up to invest in Andhra Pradesh after Naidu became the CM.
Earlier today, Naidu said he met BPCL officials to explore the possibility of setting up an oil refinery and petrochemical complex, which could attract investments worth Rs 70,000 crore.
The Chief Minister met BPCL chairman and managing director Krishna Kumar at the secretariat.
“We explored the establishment of an oil refinery and petrochemical complex in Andhra Pradesh with an investment of 60-70,000 Cr. (Rs 60,000 to Rs 70,000 crore,” said Naidu in a post on X.
He directed officials to prepare a detailed feasibility report in 90 days, noting that the state is strategically located on the east coast of the country with significant petrochemical potential.
According to the CM, up to 5,000 acres of land is required for a project of this magnitude and vowed that the state government will look forward to facilitating it in a hassle-free manner.
BPCL is a Maharatna public sector undertaking and a Fortune 500 company, which is into oil refining and fuel retailing businesses, among others.
Naidu also met the chief executive of VinFast, Pham Sanh Chau, an automobile conglomerate from Vietnam.
“Had an engaging discussion with the CEO of VinFast Pham Sanh Chau. VinFast is a leading automobile conglomerate from Vietnam. Have invited them to set up their EV (electric vehicle) and battery manufacturing plant in Andhra Pradesh,” said Naidu.
The CM directed the Industries department to facilitate VinFast team’s visits to suitable land parcels and wished for a successful collaboration with the Vietnamese company.
VinFast’s parent company Vingroup has business interests in a plethora of industries, which also include technology, industrials, real estate and services, among others.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 11 2024 | 12:02 AM IST
