Bharat Petroleum Corporation Limited (BPCL) has approved the incorporation of a wholly owned subsidiary in India to develop its proposed greenfield refinery and petrochemical complex at Ramayapatnam in Andhra Pradesh. The company’s Board of Directors approved the proposal on October 23, 2026, according to a regulatory filing. The subsidiary will function as a dedicated project company for the proposed complex and its associated facilities. However, the plan remains subject to the necessary government, statutory and regulatory approvals.
Subsidiary to Have Authorised Capital of ₹4,900 Crore
BPCL stated that the new subsidiary will have an initial authorised share capital of up to ₹4,900 crore. The dedicated entity will provide a separate legal and governance structure to manage the project’s development and related activities. Furthermore, establishing the subsidiary will help BPCL organise the project’s implementation, financing and partnership arrangements.
BPCL to Explore Financing and Strategic Partnerships
The new project company will support due diligence and discussions with lenders and potential partners. It will also help BPCL evaluate suitable financing options and identify an appropriate partnership structure for the refinery and petrochemical complex. These steps will enable the company to assess the project’s financial and operational requirements before making further commitments.
Feasibility Studies and Investment Decision Pending
BPCL said it is still finalising the detailed feasibility reports for the proposed project. Consequently, the competent authorities will consider the final investment decision and related financial commitments separately at the appropriate stage. The company also stated that it would disclose further details about the subsidiary in the prescribed format at a later date.
Regulatory Disclosure
BPCL made the disclosure under Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary V. Kala signed the regulatory filing. As reported by chinimandi.com, the proposed subsidiary marks an organisational step towards developing BPCL’s planned refinery and petrochemical complex in Andhra Pradesh, while key feasibility assessments and investment approvals remain pending.
