State-owned Bharat Petroleum Corporation Ltd (BPCL) announced on Friday that it has achieved financial closure for its Bina Refinery expansion and petrochemical project by securing a ₹31,802 crore loan from a consortium of six lenders, led by the State Bank of India (SBI).
The project, with an estimated cost of ₹48,926 crore, aims to boost the refinery’s capacity from 7.8 million tonnes per annum (MTPA) to 11 MTPA and establish a 1.2 MTPA ethylene cracker unit.
This petrochemical complex will enable BPCL to produce key downstream products such as Linear Low-density Polyethylene (LLDPE), High-density Polyethylene (HDPE), Polypropylene (PP), and aromatics, reducing India’s reliance on imports.
“This expansion will not only meet the rising demand for fuel in central and northern India but also significantly enhance the country’s self-sufficiency in polymer products,” BPCL said in a statement.
The project, located in Madhya Pradesh, is expected to generate substantial economic benefits for the region.