Amaravati (Andhra Pradesh) 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 setting up a refinery of oil.
The Industry Minister accompanied a delegation from BPCL 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 mainly discussed setting up an oil refinery.
"BPCL is willing to invest Rs 1 lakh crore in the state. Initially, it will invest between Rs 50,000 crore and Rs 75,000 crore," Bharat said in an official press release.
Going forward, the oil marketing major is set to increase its investments to Rs 1 lakh crore, he said, adding that BPCL is looking for three places to focus on the likely location to set up the oil refinery.
After 90 days, the minister said the BPCL delegation will meet the CM again to decide the location of the oil refinery.
The Industry Minister noted that Vietnamese electric vehicle manufacturer VinFast expressed its desire to set up shop in Andhra Pradesh in Naidu.
"The renowned Vietnamese company discussed with CM Chandrababu the investment of Rs 4,000 crore in Andhra Pradesh. There is a possibility of setting up battery and electric vehicle manufacturing plants at Orvakal in undivided Kurnool or Krishnapatnam (district)," he said.
After a month, Bharat said the likely location of these plants could be known, following discussions on deals for VinFast.
He highlighted that the CM has promised complete assistance in the form of land allocation and other amenities to attract investments to the state.
The Industry Minister said that industries were queuing up to invest in Andhra Pradesh after Naidu became 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 are exploring establishment of an oil refinery and petrochemical complex in Andhra Pradesh with an investment of Rs 60,000-70,000 crore," Naidu said in a post on X.
He directed officials to prepare a detailed feasibility report within 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 are required for a project of this magnitude and he promised that the state government will look forward to facilitating it smoothly.
BPCL is a Maharatna public sector undertaking and a Fortune 500 company, engaged in petroleum refining and fuel retailing businesses among others.
Naidu also met VinFast CEO Pham Sanh Chau, a Vietnamese automobile conglomerate.
"I had an interesting conversation with VinFast CEO Pham Sanh Chau. VinFast is a leading automobile conglomerate of Vietnam. I have invited them to set up their electric vehicle and battery manufacturing plant in Andhra Pradesh," Naidu said.
The CM directed the Industries department to facilitate VinFast team's visits to suitable land and wished for successful collaboration with the Vietnamese company.
VinFast's parent company, Vingroup, has business interests in a large number of industries, which also include technology, industrial, real estate and services, among others.
The Industry Minister accompanied a delegation from BPCL 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 mainly discussed setting up an oil refinery.
"BPCL is willing to invest Rs 1 lakh crore in the state. Initially, it will invest between Rs 50,000 crore and Rs 75,000 crore," Bharat said in an official press release.
Going forward, the oil marketing major is set to increase its investments to Rs 1 lakh crore, he said, adding that BPCL is looking for three places to focus on the likely location to set up the oil refinery.
After 90 days, the minister said the BPCL delegation will meet the CM again to decide the location of the oil refinery.
The Industry Minister noted that Vietnamese electric vehicle manufacturer VinFast expressed its desire to set up shop in Andhra Pradesh in Naidu.
"The renowned Vietnamese company discussed with CM Chandrababu the investment of Rs 4,000 crore in Andhra Pradesh. There is a possibility of setting up battery and electric vehicle manufacturing plants at Orvakal in undivided Kurnool or Krishnapatnam (district)," he said.
After a month, Bharat said the likely location of these plants could be known, following discussions on deals for VinFast.
He highlighted that the CM has promised complete assistance in the form of land allocation and other amenities to attract investments to the state.
The Industry Minister said that industries were queuing up to invest in Andhra Pradesh after Naidu became 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 are exploring establishment of an oil refinery and petrochemical complex in Andhra Pradesh with an investment of Rs 60,000-70,000 crore," Naidu said in a post on X.
He directed officials to prepare a detailed feasibility report within 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 are required for a project of this magnitude and he promised that the state government will look forward to facilitating it smoothly.
BPCL is a Maharatna public sector undertaking and a Fortune 500 company, engaged in petroleum refining and fuel retailing businesses among others.
Naidu also met VinFast CEO Pham Sanh Chau, a Vietnamese automobile conglomerate.
"I had an interesting conversation with VinFast CEO Pham Sanh Chau. VinFast is a leading automobile conglomerate of Vietnam. I have invited them to set up their electric vehicle and battery manufacturing plant in Andhra Pradesh," Naidu said.
The CM directed the Industries department to facilitate VinFast team's visits to suitable land and wished for successful collaboration with the Vietnamese company.
VinFast's parent company, Vingroup, has business interests in a large number of industries, which also include technology, industrial, real estate and services, among others.
