Bhopal (Madhya Pradesh): Cabinet Committee of Investment Promotion gave nod to revised proposal related to Bina Refinery expansion and petrochemical project on Tuesday. Bharat Petroleum Corporation Limited (BPCL) will invest a whopping sum of Rs 50,000 crore in Bina refinery, which will be the biggest investment in the history of Madhya Pradesh.
The BPCL had sought concessions from the government, which has been accepted by Cabinet Committee of Investment Promotion.
State government will provide interest-free loan of Rs 500 crore to BPCL through Madhya Pradesh Industrial Development Corporation.
Along with this, concession of Rs 15,000 crore in state GST will be given in 15 years. The request to provide concession of Re 1 per unit of electricity was also accepted by the government.
The production will start in 2027-28. Petroleum by-products like gasoline, diesel, ATF Jet fuel, bitumin, benzene will be produced under the project. With it, investment will grow in petroleum, chemical, petrochemical sectors in the state. Along with the feedstock in the project, many MSMEs will come up.
Rs 159 crore investment
Cabinet committee on Investment Promotion also cleared the revised proposal given by Inox Air Product for investment of Rs 150 crore in Mohas Babai industrial area of Narmadapuram.
It will produce 200 tons of cryogenic medical and industrial gas per day through air suppression unit, using world-class technique. This will boost supply of medical oxygen in the state. Industrial policy and investment promotion minister Rajvardhan Singh Dattigaon, MSME minister Omprakash Saklecha and other members of cabinet committee for investment promotion were present at the meeting.
