India News | PM to Lay Foundation Stone of Rs 49,000 Cr Petchem Complex in Bina

New Delhi, Sep 12 (PTI) Prime Minister Narendra Modi will on Thursday lay the foundation stone of Rs 49,000 crore petrochemicals complex and refinery expansion project of Bharat Petroleum Corporation Ltd's (BPCL) Bina refinery in Madhya Pradesh.

The project will "bring prosperity and happiness in the entire region of Bundelkhand," an official statement said.

Also Read | Rajouri Encounter Update: Terrorist Killed, One Indian Army Soldier Martyred in Gunfight in Narla Area of Jammu and Kashmir.

BPCL plans to expand Bina refinery capacity from 7.8 million tonnes per annum to 11 million tonnes. The project would also produce more than 2200 kiloton petrochemical products.

"The entire project would be completed in five years," it said.

Also Read | Rajasthan Petrol Pump Strike: Fuel Stations To Remain Closed in State on September 13-14 As Dealers’ Association Call for Strike To Protest Against High VAT Rates.

The ethylene cracker complex will use captive feedstock like naphtha, LPG and kerosene from the Bina refinery.

"This petrochemical complex would open the door for various downstream business manufacturing units in the field of plastic, pipes, packaging material, plastic sheets, automobile parts, medical equipment, moulded furniture, and other items of domestic and industrial use," the statement said.

Government of Madhya Pradesh is supporting the project by providing fiscal incentives under State-GST refund, interest-free loan and interest subsidy assistance, concessional power and exemption of stamp duty.

"There will be large employment generation potential in downstream industries, ancillaries and service units," it said. "The project is aligned with India's aspiration of Atmanirbhar Bharat providing by establishing a global manufacturing hub for chemicals and petrochemicals while moving towards realizing the goal of making India a USD 5 trillion economy."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)