Bharat Petroleum Corporation Limited has executed a loan agreement of Rs 31,802 crore with a consortium of lenders led by State Bank of India to finance projects planned at Bina, the company said in an exchange filing.
The funds will be used for the development and operation of a petrochemical complex and refinery expansion at Bina, the exchange filing said. Bina is a city in Madhya Pradesh.
Apart from SBI, other lenders in the consortium include Punjab National Bank, Union Bank of India, Canara Bank, Bank of India and Export-Import Bank of India.
Last year, the Reserve Bank of India had issued a draft circular on project finance norms, which require lenders to set aside 5% of their standard assets or loans to cover losses during the construction phase of the project.
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