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The correct option is option 3, which states that both statement 1 and 2 are correct.
Statement 1: P.C. Ray founded the Bengal Chemical Works. This statement is correct. Prafulla Chandra Ray, an eminent scientist, founded the Bengal Chemical Works in Kolkata in 1892. It was one of the first chemical factories in India and played an important role in the development of the Indian chemical industry.
Statement 2: V.O. Chidambaram Pillai set up the Steam Navigation Company. This statement is also correct. V.O. Chidambaram Pillai, also known as V.O.C., was a prominent freedom fighter from Tamil Nadu. He established the Swadeshi Steam Navigation Company in 1906 as a direct challenge to British monopoly in maritime trade. The company aimed to promote Indian ownership and control in the shipping industry.
Therefore, both statements are correct, and option 3 is the correct answer.