Board reviews measures for Trader Welfare and Export Promotion (See 'Corp Brief') DRI seizes 9.40 kg gold worth Rs. 15 crore at Mumbai airport (See 'Corp Brief') NLMC concludes 3-City Investor Outreach Programme for RINL Land E-Auction (See 'Corp Brief') MEE-TR 2026 to introduce 'Solid Waste Management' as separate Evaluation Criterion of Tiger Reserves (See 'Corp Brief') Nadda inaugurates Arogya Manthan 2026, marking 8 years of AB PM-JAY (See 'Corp Brief') Union Minister inaugurates Seva First Innovation Challenge at IISc Bengaluru (See 'Corp Brief') Bharat CPSEs' Consultative Conclave inaugurated at Gati Shakti Vishwavidyalaya (See 'Corp Brief') SAIL's 54th AGM highlights strong value added steel growth (See 'Corp Brief') TDB-DST signs pact with GalaxEye to develop next-generation multisensor satellite technology (See 'Corp Brief') Nadda to inaugurate Arogya Manthan 2026 at Vigyan Bhawan (See 'Corp Brief') IPR - Civil remedy u/s 55 of Copyright Act can be pursued through arbitration as agreed alternative dispute resolution mechanism: HC (See 'Legal Desk') Railways approves Rs 166 Crore for construction of Road Over Bridge in Vadodara (See 'Corp Brief') ICAR-CMFRI advises Consumers Not to Avoid Tuna (See 'Corp Brief') IPR - Scheduled Commercial Bank which is registered proprietor of well-known formative trademarks can maintain commercial suit for infringement and passing off against unauthorised third parties who use those marks on social media to hold themselves out as agents capable of procuring loan settlements: HC (See 'Legal Desk') Indo-Africa Roundtable on WASH held as part of India International WASH Conference (See 'Corp Brief') Naik holds meeting with European Parliament's Committee on Industry (See 'Corp Brief') A&C - If a company is employed as conduit for shielding assets from creditors, Court may look beyond corporate structure, for piercing veil: HC (See 'Legal Desk') CCI approves acquisition of Onesto Labs by L'Oréal India (See 'Corp Brief') CCI approves acquisition of equity share of IIFL Capital by FIH Mauritius (See 'Corp Brief') IPR - If party adopts mark that is deceptively similar to registered mark for identical goods, with full knowledge of prior statutory and common law rights, such adoption constitutes infringement: HC (See 'Legal Desk') National Rainfed Area Authority organizes High Level meeting for Watershed Development (See 'Corp Brief') Railways connects Remote Area of South Chhattisgarh (See 'Corp Brief') IPR - Requiring plaintiff to sue at place of its subordinate office because cause of action has arisen there would amount to re-writing Sec 134 of Trade Marks Act: HC (See 'Legal Desk') Rs 46 Crore released for Rehabilitation of Persons Engaged in Begging (See 'Corp Brief') FEMA - The fact that penalty falls within statutory maximum does not, by itself, validate quantum imposed: HC (See 'Legal Desk') Experts deliberate on WTO Fisheries Subsidies Pact & Implementation Challenges (See 'Corp Brief') Companies Act - Admission of winding-up petition, appointment of provisional liquidator or liquidator, or possession of assets by liquidator does not, by itself, establish irreversibility thereof: HC (See 'Legal Desk') 7th High-Level meeting of OPEC-India Energy Dialogue held in Delhi (See 'Corp Brief') Competition - Formulation of technical specifications & procurement requirements falls primarily within domain of procuring entities, which are at liberty to set terms suited to their needs - no case of contravention of Sections 3 or 4 is made out: CCI (See 'Legal Desk') NHAI signs MoU with SSNNL to simplify Approval Framework for NH (See 'Corp Brief') PMLA - Provisional attachment order unsustainable when there is no apprehension or evidence that subject property is likely to be transferred, concealed or in some way disposed off so as to frustrate confiscation proceedings: SAFEMA Tribunal (See 'Legal Desk') Union Minister inaugurates WWF Global Conservation Conference at Jaipur (See 'Corp Brief') Ministry of MSME gears Up for Special Campaign 6.0 on Swachhata (See 'Corp Brief') SECI celebrates 15th Foundation Day with Stakeholders' Meet (See 'Corp Brief') A&C - Agent cannot claim cross-contractual lien over principal's property for dues arising under separate agreements in absence of express contractual provision permitting such retention: HC (See 'Legal Desk') Coal India advances Technology-led Diversification Across Energy & Minerals (See 'Corp Brief') Digital India RISC-V Grand Challenge under C2S Programme awarded to 3 teams (See 'Corp Brief') IBC - Arrangement of funds to enable corporate debtor to clear its liabilities, coupled with transfer of funds from cooperative bank loan account of applicant directly to bank, is not valid loan disbursement under IBC: NCLT (See 'Legal Desk') Vaishnaw highlights ISM 2.0, indigenous design, manufacturing, talent and India's emergence (See 'Corp Brief') SEBI - SEBI, acting as statutory market regulator, is duty-bound to issue a reasoned, speaking order when a decision carries serious civil consequences for acquirer, target company & investors: SAT (See 'Legal Desk') An unsuccessful 'success fee' litigation (See CORP EINSICHT)

Print

PM lays foundation stone of Petrochemical Complex at BPCL Bina Refinery in MP

Published: Sep 14, 2023

By TIOLCorplaws News Service

NEW DELHI, SEP 14, 2023: PRIME Minister, Narendra Modi, laid the foundation stone of Downstream Petrochemical Complex and Refinery Expansion Project, at BPCL's Bina Refinery in Bina, Madhya Pradesh here today. This state-of-the-art refinery, which will be developed at a cost of about Rs. 49,000 crore, and will produce about 1200 KTPA (Kilo-Tonnes Per Annum) of ethylene and propylene, which are a vital component for various sectors like textiles, packaging, pharma, among others. This will reduce the country's import dependence and will be a step towards fulfilling the Prime Minister's vision of 'Aatmanirbhar Bharat'. The mega project will also create employment opportunities and spur the development of downstream industries in the petroleum sector.

In his remarks at the event, Prime Minister Narendra Modi said, "It is our continuous effort that Madhya Pradesh reaches new heights of development, the life of every family in Madhya Pradesh becomes easy and every home brings prosperity. The track record of Modi's guarantee is in front of you". He informed about 40 lakh pucca houses in the state for the poor and fulfilling the guarantees for toilets, free medical treatment, bank accounts, and smokeless kitchens. He also mentioned the reduction of gas cylinder prices on the occasion of Raksha Bandhan. "Due to this, the beneficiary sisters of Ujjwala are now getting the cylinder at Rs 400 cheaper", he said. "Therefore, yesterday the Central Government took another big decision. Now 75 lakh more sisters in the country will be given free gas connections. Our aim is that no sister should be left out of gas connection", the Prime Minister added.

The Prime Minister underlined that the government is working with full sincerity to fulfill its every guarantee. He mentioned eliminating the middleman which ensured full benefits to every beneficiary and gave the example of PM Kisan Samman Nidhi where every farmer who is a beneficiary has received Rs 28,000 directly to his bank account. The Prime Minister informed that the government has spent more than Rs 2,60,000 crores on this scheme. In the last 9 years, the Prime Minister said that the Central Government has made efforts to reduce the cost of farmers and provide cheap fertilizers and informed about the expenditure of more than Rs 10 lakh crores in 9 years. He mentioned that a bag of urea which costs up to Rs 3000 for American farmers is made available to Indian farmers for less than Rs 300. He pointed out the urea scams of the past worth thousands of crores of rupees and interjected that the same urea is now easily available everywhere.

Governor of Madhya Pradesh Mangubhai Patel, Chief Minister of Madhya Pradesh, Shivraj Singh Chauhan, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri among others were present on the occasion.

Addressing the gathering, Hardeep Singh Puri, Minister of Petroleum & Natural Gas and Housing & Urban Affairs stated that "this petrochemical plant is a gift from the Hon'ble Prime Minister not only to Bina but to the Bundelkhand and Madhya Pradesh".

Speaking on the occasion, the Minister of Petroleum & Natural Gas Puri observed that the new petrochemical complex in Bundelkhand region of Madhya Pradesh will promote various downstream units in the field of plastic, packaging material, plastic sheets and other items of domestic and industrial use. This will lay the foundation of Buland Bundelkhand, he added.

Recalling the example of OPAL plant which has contributed in development of Dahej region of Gujarat, the Union Minister further said that the successful execution of this project will revolutionize industrial development in Madhya Pradesh and the Bundelkhand region in particular and help attain the vision of Viksit Bharat.

Adding to it further, Hardeep Singh Puri said that this project will also reinforce India's commitment to self-reliance and sustainable industrial growth, positioning the nation as a global leader in the petrochemicals sector. Globally, India ranks 6th in the field of Petrochemical having market potential of approximately Rs.15.58 lakh crore which is likely to reach Rs.82 lakh crore by 2040.

Referring to the volatility in the global oil and gas industry in recent years, the Petroleum & Natural Gas Minister said that in the last two years, there has been a lot of volatility in the global oil and gas industry due to which not only our neighboring countries but also the developed countries faced energy shortage. On the other hand, due to the visionary and citizen centric policies of Prime Minister Narendra Modi, India is the only country where there was no shortage of oil and gas in the last 2 years and there was no increase in fuel prices. Indian citizens have been completely insulated from spike in global oil and gas prices, the Minister said.

In his remarks at the event, Hardeep Singh Puri also highlighted the progress since 2014 in the state of Madhya Pradesh on various parameters related to energy infrastructure. He emphasized that the number of of retail outlets/petrol pumps in the state have risen from 2,854 in 2014 to 5,938; and LPG distributorships have increased from 866 in 2014 to 1,551 now. The LPG penetration which was at 44% in 2014 has reached to 100%. The state has witnessed increase in PNG Connections from 2,783 in 2014 to 2,15,185 and increase in CNG stations from 15 in 2014 to 275 now. Natural Gas Pipeline has also seen a significant progress as the its length has increased from 802 km to 6,862 km now.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.