India moving from Healthcare Follower to Global Leader in Precision Medicine and Biomanufacturing: MoS (See 'Corp Brief') SECL's Vigilance-led Initiative 'Prayas' Ensures Timely PF & Pension Settlement (See 'Corp Brief') Agrinnovate India presents Rs.3.4 Crore dividend to Chouhan (See 'Corp Brief') 6 Railway Stations in West Bengal redeveloped under Amrit Bharat Station Scheme (See 'Corp Brief') NHAI receives warm response from Bidders for Construction of Kaliabor to Numaligarh Section of NH (See 'Corp Brief') MSDE signs MoU with GATI Foundation to Strengthen Global Skill Mobility (See 'Corp Brief') DFS Secy meets NBFCs to discuss targeted points pertaining to the sector (See 'Corp Brief') 41% of India's Scientists are Women: Chouhan Highlights women Agri-Power (See 'Corp Brief') Companies Act - Technical provisions of Companies Act cannot be relied on to evade compliance with a Court decree prohibiting the judgment debtor from transferring the shares to any third party: HC (See 'Legal Desk') IBA hosts RRB Conclave 2026 on 'Next-Gen Reforms for RRBs' (See 'Corp Brief') MoEFCC organizes Workshop to address Challenge of Elephant-train Collisions (See 'Corp Brief') Govt, Civil Society & Tech leaders unite to build Model for Persons with Hearing Impairment (See 'Corp Brief') PMLA - Appearance of Appellant, ordinarily operating in Mumbai, before SAFEMA Appellate Tribunal at Delhi, does not confer territorial jurisdiction to the Delhi High Court over Appellant: HC (See 'Legal Desk') NHAI gets warm response from Bidders for Four-Laning of Dhamasiya-Bitada in Gujarat (See 'Corp Brief') Metro in India a 'Silent Revolution' transforming Urban Mobility and Society (See 'Corp Brief') CCI approves acquisition by Cube V of road asset business of DYIPL, DVIPL, DGIPL and DTEHPL (See 'Corp Brief') CCI approves acquisition of stake in Curefit Healthcare by MacRitchie Investments (See 'Corp Brief') IBC - Once Resolution Plan is approved by NCLT u/s 31 of IBC, it becomes binding on all stakeholders, and all claims not provided for in plan stand extinguished: HC (See 'Legal Desk') Country ready for any Unprecedented Demand for Coal: Govt (See 'Corp Brief') DPIIT signs MoU with Voltas Limited to support Industry-Start-up Collaboration for Smart Appliance Technologies (See 'Corp Brief') New Delhi Frontier AI Impact Commitments were Signed by 13 Leading Model Providers (See 'Corp Brief') APEDA showcases Agri and Processed Food Export Strength at AAHAR 2026 (See 'Corp Brief') IPR - Party seeking cancellation of registered trademark on grounds of similarity and prior rights must first establish its own prior and continuous use of its mark as trademark: HC (See 'Legal Desk') Capacity Building Commission hosts workshop on sustainable financing & resource mobilisation (See 'Corp Brief') Govt boosts Credit Flow to Agriculture Sector through targeted Policy Measures (See 'Corp Brief') IBC - Application of Discount for Lack of Marketability is permissible valuation methodology under Indian Accounting Standards for determining fair value of unlisted, illiquid shares in context of capital reduction: SC (See 'Legal Desk') IICA holds 4th Batch of Directors' Certification for Defence Officers (See 'Corp Brief') Financial inclusion campaign was held in 2.7 lakh Gram Panchayats and ULBs (See 'Corp Brief') A&C - Award can be set aside only on specific grounds such as being contrary to fundamental policy of Indian law, violating basic notions of morality or justice, or suffering from patent illegality that goes to root of matter: HC (See 'Legal Desk') ICANN85 in Mumbai highlights Collaboration for resilient Internet (See 'Corp Brief') Minister chairs 35th Meeting of Standing Committee of Voluntary Agencies (See 'Corp Brief') A&C - amendment to petition filed u/s 34 of Arbitration Act, cannot be permitted under Order VI Rule 17 of CPC if its effect is to introduce challenge to distinct part of arbitral award: HC (See 'Legal Desk') NITI Aayog convenes Regional Best Practices Seminar (See 'Corp Brief') FTAs opening New Opportunities for Pharma, Healthcare and MedTech Sectors: Goyal (See 'Corp Brief') MSME Ministry promotes Energy Efficiency and Green Practices in MSME Sector (See 'Corp Brief') Transforming Mined Landscapes: NLC India's Journey in Sustainable Mine Restoration (See 'Corp Brief') IEPFA-NCAER jointly organise Investor Education and Protection Workshop (See 'Corp Brief') IPR - Proprietorship of trademark, as general rule, vests in manufacturer who affixes mark on product, not in importer or distributor of those goods: HC (See 'Legal Desk') Chouhan holds post-Budget discussion with coconut farmers in Chennai (See 'Corp Brief') IBC - Creditor cannot be forced to elect its remedy or apportion its claim between principal debtor and guarantor: SC (See 'Legal Desk') IBC - Judicial review by NCLT & NCLAT does not extend commercial wisdom of Committee of Creditors in evaluating and approving resolution plan: SC (See 'Legal Desk') A&C - Pre-award and post-award interest operate in distinct fields and contractual bar applicable to former cannot, by implication, be extended to latter: SC (See 'Legal Desk') MoS interacts with beneficiaries of desalination plant in Kavaratti (See 'Corp Brief') A&C - Court will not grant specific performance of contractual obligation that is contingent upon discretionary approval of third-party government authority: HC (See 'Legal Desk') A&C - Contractual clause that expressly and widely bars payment of interest on ‘any moneys due to contractor' prohibits arbitral tribunal from awarding pre-reference and pendente lite interest on all claims: HC (See 'Legal Desk') Supreme Court Clears Path For Single Insolvency Proceedings Against Linked Group Companies (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
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.