Bharat Petroleum Corporation (BPCL), the Indian state-backed oil and gas company, has announced a new $2.2bn capital outlay, some of which will go towards a new corporate venture capital fund targeting renewable energy startups.
The investment is part of BPCL’s Project Aspire, which will run for five years. Part of the strategy is to invest in its core business by expanding existing refineries. But some of the funds will target expansion in other sectors, including petrochemicals, green energy, non-fuel retail and digital products.
It has a target of net zero carbon emissions from its operations by 2040.
Bharat Petroleum said it is establishing a corporate venture capital fund, according to Indian business publication The Economic Times but no further details were provided.