Bharat Petroleum Corporation sets up ₹4,900 crore refinery subsidiary

The subsidiary in numbers

A project company for the Ramayapatnam complex

The company says the subsidiary will provide a dedicated legal and governance structure to carry out project activities for the proposed greenfield refinery and petrochemical complex and associated facilities at Ramayapatnam, Andhra Pradesh. It will also support due diligence, engagement with lenders and potential partners, and development of a financing and partnership structure.

The filing gives the initial authorised share capital as up to ₹4,900 crore. Authorised capital is the ceiling the subsidiary may issue, not the amount paid in, and the filing does not give a paid-up or subscribed figure.

Investment decision still to come

The detailed feasibility reports are under finalisation, according to the filing. The financial investment decision and financial commitments will be considered separately by the competent authorities at the appropriate stage, so the incorporation does not itself commit the parent to the project's cost.

The company's latest reported quarter, Q2 FY27 on a consolidated basis, showed total income of ₹1,58,167.36 crore and net profit of ₹4,863.05 crore, which gives scale for the parent but says nothing about the project's cost.

What the subsidiary means for Bharat Petroleum Corporation's shareholders

The subsidiary is a new legal vehicle for a refinery project, and the filing ties it to approvals still to be obtained. The ₹4,900 crore is an authorised ceiling; the filing does not say how much will be paid in, how the project will be funded beyond it, the total project cost, the subsidiary's name, its incorporation date or whether it has started operations.

The filing says further details will be intimated at a later date.

Reference: Original filing (PDF)