The Madhya Pradesh Investment Promotion Committee headed by Chief Minister Shivraj Singh Chouhan on Tuesday approved a revised proposal of Rs 43,000-crore to Rs 50,000-crore for the expansion of Bina Refinery of Bharat Petroleum Corporation Limited (BPCL) and setting up of a petrochemical project, an official said.
The project is expected to provide employment to about 2000 youths, he said.
The production is likely to start by financial year 2027-28. Petroleum by-products such as gasoline, diesel, ATF (aviation turbine fuel)/jet fuel, LLDPE (Linear Low Density Polyethylene), HDPE (High Density Polyethylene), bitumen, benzene among others will be produced at the complex.
For the availability of feedstock, several downstream MSMEs will be set up in the area.
The committee also gave approval for the investment of Rs 150 crore in Mohasa-Babai industrial area, the official said.
