Prime Minister Narendra Modi laid the foundation stone of the Downstream Petrochemical Complex and Refinery Expansion Project at Madhya Pradesh's Bina Refinery, owned by a state-run oil marketing company, on Thursday.

To be completed in five years, the project is expected to create more than 1 lakh jobs and save foreign exchange worth Rs 20,000 crore annually, the Ministry of Petroleum and Natural Gas announced.

The project forms part of a substantial Rs 49,000 crore expansion plan that has been outlined for the sprawling plant. This will increase its capacity to 11 million metric tonnes per annum (MMTPA).

The expansion is set to result in the production of more than 2,200 kilotons of petrochemical products.

The Ethylene Cracker Complex will use captive feedstock such as naphtha, liquefied petroleum gas (LPG), and kerosene from the Bina Refinery.