Andhra Pradesh Secures Massive Investments from BPCL and VinFast

Andhra Pradesh Industries Minister TG Bharat has announced significant investments from Bharat Petroleum Corporation Ltd (BPCL) amounting to Rs 1 lakh crore, primarily for setting up an oil refinery. Additionally, Vietnamese electric vehicle manufacturer VinFast expressed interest in investing Rs 4,000 crore in the state to establish EV and battery manufacturing plants.

In a monumental announcement, Andhra Pradesh Industries Minister TG Bharat on Wednesday revealed that Bharat Petroleum Corporation Ltd (BPCL) is prepared to invest Rs 1 lakh crore in the state. This investment primarily focuses on setting up an oil refinery. An initial investment ranging between Rs 50,000 to Rs 75,000 crore will be made, which BPCL aims to expand.

The Industries Minister, along with a BPCL delegation led by Chairman and Managing Director G Krishna Kumar, met Chief Minister N Chandrababu Naidu at the Secretariat in Amaravati to discuss the ambitious plans. BPCL is considering three potential locations for the refinery, with a final decision expected after 90 days following detailed discussions and feasibility reports.

In a related development, Vietnamese electric vehicle manufacturer VinFast expressed its intentions to invest Rs 4,000 crore in Andhra Pradesh. The company is exploring the possibilities of setting up EV and battery manufacturing plants in either Orvakal or Krishnapatnam. Chief Minister Naidu has assured full support, including land allocation and other amenities, to attract these significant investments, further bolstering the state's industrial landscape.

(With inputs from agencies.)