India based Bharat Petroleum Corp (BPCL) is planning to increase its capacity at its recently commissioned Bina refinery in the state of Madhya Pradesh, from 6 million to 9 million tons a year.

The INR 113bn ($2.5bn) project is being built by Bharat Oman Refineries, a joint venture between BPCL and Oman Oil Co (OOC).

The refinery will be expanded as part of first phase of expansion with an investment of about INR 20bn ($446m), reports thehindubusinessline.

Under the second phase of expansion, the firm is planning to increase the capacity of Bina refinery to 15 million tons a year.

Bharat Oman Refineries managing director U.N. Joshi said the company plans to come out with an initial public offering (IPO) of about 25% equity shares.