info@afternoonnews.in +91 98940 - 95096

Today Date : Wednesday, February 21, 2024

SPIC Group unveils Rs 1,900 Crore investment plan

SPIC Group unveils Rs 1,900 Crore investment plan

Southern Petrochemical Industries Corporation Ltd (SPIC Ltd) has announced significant investments during the Global Investors Meet in Chennai through the signing of a Memorandum of Understanding (MOU) with the state government. 

Under the visionary leadership of Mr. Ashwin C. Muthiah, Chairman, SPIC the Group pledges an investment of Rs 1,900 crore over the next two years, spanning SPIC Ltd, Greenstar Fertilizers Ltd, and Tuticorin Alkali Chemicals and Fertilizers Ltd.

Strategic Group Expansion

As part of an ambitious Group expansion, SPIC is earmarking Rs 970 crore to revamp the existing Urea plant, augment capacity, and establish a 150 MTPD Green Ammonia plant. 

We remain committed to farmers' economic empowerment and yield enhancement, steadfastly dedicated to serving the agricultural community.

Greenstar Fertilizers Ltd Initiatives

Greenstar Fertilizers Ltd is set to invest Rs 640 crore in a Water Soluble Fertilizer (WSF) Mixing plant at Chennai, a 2500 MTPA Sulphuric Acid plant, and the refurbishment of DAP I and II plants in Thoothukudi. This investment marks the second WSF facility, following the inauguration of the first plant in Thoothukudi in November 2023, which is notable for being entirely operated by women employees.

Tuticorin Alkali Chemicals and Fertilizers Ltd Expansion

Tuticorin Alkali Chemicals and Fertilizers Ltd (TFL) will allocate Rs 290 crore to establish a Soda Ash and Ammonium Chloride Plant in Thoothukudi. In 2023, TFL achieved a milestone by becoming the first company to manufacture Green Soda Ash and Green Ammonium Chloride at its Thoothukudi plant.