BP p.l.c. (LSE:BP.) is competing with Petroliam Nasional Berhad (Petronas) to invest $1.5 billion - $2 billion for a significant minority stake in a new platform wholly owned by the two founders of Greenko Group PLC, Anil Chalamalasetty and Mahesh Kolli, said people aware of the development. Discussions have advanced with both parties and Greenko is expected to select one of the two energy majors for now, the people mentioned above added. Once concluded, this will be the biggest overseas investment in a green ammonia and hydrogen project till date in India.

It also comes when BP is under pressure from two of the UK's largest pension funds, which oversee £130 billion assets. They have said they will vote against the renewal of the terms of top directors at BP and Shell plc (LSE:SHEL) unless both improve commitments to tackling carbon emissions. BP India spokesperson however denied the development.

"We would like to formally deny this story - BP is not making such an investment".