Bharat Petroleum Corporation (BPCL) has secured a Rs 31,802 crore financing with a consortium led by the State Bank of India (SBI) by signing an agreement. This funding will support the development of a petrochemical complex and the brownfield expansion of BPCL’s refinery at Bina, Madhya Pradesh.

The consortium includes other major Indian banks such as Punjab National Bank, Union Bank of India, Canara Bank, Bank of India, and Export-Import Bank of India. The petrochemical complex will produce vital downstream polymers and chemicals like linear low-density polyethylene (LLDPE), high-density polyethylene (HDPE), polypropylene (PP), benzene, toluene, and mixed xylene.

These products are crucial for various industries and will address India’s growing demand for petrochemical products. Alongside, BPCL plans to increase the capacity of the Bina refinery from 7.8 million MTPA to 11 MTPA, primarily to supply feedstock for the petrochemical plants. 

This robust financing mechanism ensures smooth execution and financial security for the project. This strategic initiative aims to enhance BPCL's production capabilities and strengthen India’s self-reliance in the petrochemical sector. It is also expected to stimulate economic activity in the region through job creation, infrastructure development, and industrial growth.