+
BPCL Secures Rs 318.02 Bn Loan for Bina Refinery
ECONOMY & POLICY

BPCL Secures Rs 318.02 Bn Loan for Bina Refinery

Bharat Petroleum Corporation (BPCL), a Maharatna energy company, has finalized a loan agreement worth Rs 318.02 billion with a consortium of six lenders, led by the State Bank of India (SBI). The funds will be used to finance BPCL's Rs 489.26 billion Bina Refinery Expansion cum Petrochemical Project.

The project encompasses the construction of a 1.2 million metric tonnes per annum (MMTPA) ethylene cracker unit and the expansion of the refinery’s capacity from 7.8 MMTPA to 11 MMTPA. Once completed, it is expected to reduce India's dependence on imports by producing downstream petrochemical products like Linear Low-Density Polyethylene (LLDPE), High-Density Polyethylene (HDPE), and Polypropylene (PP).

During construction, the initiative is projected to generate over 15,000 jobs, while its post-commissioning phase is anticipated to create more than 1 lakh direct and indirect employment opportunities, significantly benefiting the local economy.

BPCL Chairman and Managing Director G. Krishnakumar expressed satisfaction with achieving financial closure for the project, emphasizing its alignment with India's goals to boost industrial growth and infrastructure development. He stated that the project would be a significant milestone in advancing self-reliance in petrochemical products and enhancing the nation’s energy security.

The foundation stone for the project was laid by Prime Minister Narendra Modi on September 15, 2023. SBI Chairman Challa Sreenivasulu Setty highlighted the bank's pride in partnering with BPCL to enhance India’s energy security through the establishment of a world-class petrochemical complex and the refinery’s brownfield expansion. He also noted that the successful financial closure of the Rs 318.02 billion credit facility demonstrated SBI’s ongoing support for critical national projects.

This project represents a significant step in India's journey toward achieving self-sufficiency in polymer products, bolstering energy security, and fostering industrial and infrastructure growth.

Bharat Petroleum Corporation (BPCL), a Maharatna energy company, has finalized a loan agreement worth Rs 318.02 billion with a consortium of six lenders, led by the State Bank of India (SBI). The funds will be used to finance BPCL's Rs 489.26 billion Bina Refinery Expansion cum Petrochemical Project. The project encompasses the construction of a 1.2 million metric tonnes per annum (MMTPA) ethylene cracker unit and the expansion of the refinery’s capacity from 7.8 MMTPA to 11 MMTPA. Once completed, it is expected to reduce India's dependence on imports by producing downstream petrochemical products like Linear Low-Density Polyethylene (LLDPE), High-Density Polyethylene (HDPE), and Polypropylene (PP). During construction, the initiative is projected to generate over 15,000 jobs, while its post-commissioning phase is anticipated to create more than 1 lakh direct and indirect employment opportunities, significantly benefiting the local economy. BPCL Chairman and Managing Director G. Krishnakumar expressed satisfaction with achieving financial closure for the project, emphasizing its alignment with India's goals to boost industrial growth and infrastructure development. He stated that the project would be a significant milestone in advancing self-reliance in petrochemical products and enhancing the nation’s energy security. The foundation stone for the project was laid by Prime Minister Narendra Modi on September 15, 2023. SBI Chairman Challa Sreenivasulu Setty highlighted the bank's pride in partnering with BPCL to enhance India’s energy security through the establishment of a world-class petrochemical complex and the refinery’s brownfield expansion. He also noted that the successful financial closure of the Rs 318.02 billion credit facility demonstrated SBI’s ongoing support for critical national projects. This project represents a significant step in India's journey toward achieving self-sufficiency in polymer products, bolstering energy security, and fostering industrial and infrastructure growth.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code