Andhra Pradesh Industries Minister TG Bharat 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.

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.