New Delhi: 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.
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.
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."