9SEPTEMBER 2024BPCL TO EXPAND CORE BUSINESSES AS PART OF PROJECT ASPIREFOXCONN EYES INDIA FOR ESTABLISHMENT OF SECOND BATTERY PLANTBharat Petroleum Corporation Ltd (BPCL), a state-owned enterprise, has announced plans to invest 1.7 lakh crore over the next five years as part of its strategic initiative called 'Project Aspire.' This Taiwanese electronics manufacturing giant Foxconn is working on plans to set up a Battery Energy Storage System unit in India, its chairman Young Liu said here. With an eye on the electric vehicle segment, Foxconn has been expanding its battery manufacturing business, with the first plant already set up in Taiwan.ambitious plan aims to expand its core businesses, including oil refining and fuel marketing, while also making significant investments in emerging sectors such as petrochemicals, green energy, gas, non-fuel retail, and digital services.BPCL currently holds around 14 percent of India's oil refining capacity and operates approximately a quarter of the country's fuel retail network. The company's chairman, G Krishnakumar, emphasized that the investment under Project Aspire is part of a multi-decade strategy to ensure long-term growth and sustainability.The initiative is built on two main pillars: "Nurturing the Core" and "Investing in Future Big Bets." While BPCL continues to grow its traditional businesses, it is equally focused on making strategic investments in new areas that align with the global energy transition.In addition to its growth plans, BPCL is also committed to achieving net zero carbon emissions from its operations by 2040. The company views this investment as essential to leading the energy transition and creating long-term value for stakeholders while ensuring environmental sustainability for future generations. Liu told PTI that Foxconn's information and communication technology segment has just started in India."We are also waiting to put our 3+3 future industry in India. I have been talking to the minister for industries here about how can we collaborate on BESS (Battery Energy Storage System) in Tamil Nadu...," Liu said.Foxconn's battery storage business is more focused on electric vehicles. Battery energy storage systems (BESS) enable energy storage from renewable sources like solar, wind etc.The company has proposed to set up an electric vehicle unit in India as well. When asked about the status of EV production, Liu said it will start "very soon"."So far, till last year, we have done USD 10 billion. We will do much more in this coming year," Liu said.He was speaking on the sidelines of the inauguration of the company's women-only residential complex near Foxconn's plant here."After visiting so many states in India, I felt that India is ascending. Foxconn wants to be a part of it. We will grow together with India's growth," Liu said.
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