BPCL executes a loan agreement of Rs 31,802 crore with State Bank of India Consortium, to finance projects planned at Bina

Bharat Petroleum on Thursday signed a loan agreement of Rs 31,802 crore with the State Bank of India Consortium to finance the development and operation of a petrochemical complex and refinery expansion at Bina, Madhya Pradesh.

The other members consortium are Punjab National Bank, Union Bank of India, Canara Bank, Bank of India and Export Import Bank of India, the company said in an exchange filing.

Security provided to the lenders/by the borrowers for such loan include first ranking pari passu charge on Project Land, tangible fixed assets pertaining to the Project, both present and future, the Designated Account, Debt Service Reserve Account, the Debt Service Reserve & Material Project Documents.