SPIC reveals Rs 19 billion investment strategy for 2 years
ECONOMY & POLICY

SPIC reveals Rs 19 billion investment strategy for 2 years

Southern Petrochemical Industries Corporation (SPIC) announced that it has committed to investing Rs 19 billion over the next two years as part of its strategic group expansion plans. The company revealed this commitment during the recently concluded two-day Global Investors Meet 2024.

According to the investment plan disclosed at the meeting, SPIC has designated Rs 9.7 billion to overhaul the existing urea plant, increase capacity, and establish a 150 MTPD Green Ammonia Plant. Additionally, the group company, Greenstar Fertilizers, has allocated Rs 6.4 billion for the establishment of a water-soluble fertilizer mixing plant in Chennai, a 2,500 MTPA Sulphuric acid plant, and the refurbishment of existing plants in Tuticorin. SPIC's Tuticorin Alkali Chemicals and Fertilisers is set to establish a soda ash and ammonium chloride plant in Tuticorin with an investment of Rs 2.9 billion.

In 2023, SPIC made history by becoming the first company in the country to produce green soda ash and green ammonium chloride at the Tuticorin unit. The company stated in a release that these investments, committed during GIM 2024, will result in significant direct and indirect employment in the state.

SPIC emphasised its commitment to environmental, social, and governance initiatives, stating that these principles will continue to guide its operations. The company underlined its dedication to responsible business practices and future endeavours.

Southern Petrochemical Industries Corporation (SPIC) announced that it has committed to investing Rs 19 billion over the next two years as part of its strategic group expansion plans. The company revealed this commitment during the recently concluded two-day Global Investors Meet 2024. According to the investment plan disclosed at the meeting, SPIC has designated Rs 9.7 billion to overhaul the existing urea plant, increase capacity, and establish a 150 MTPD Green Ammonia Plant. Additionally, the group company, Greenstar Fertilizers, has allocated Rs 6.4 billion for the establishment of a water-soluble fertilizer mixing plant in Chennai, a 2,500 MTPA Sulphuric acid plant, and the refurbishment of existing plants in Tuticorin. SPIC's Tuticorin Alkali Chemicals and Fertilisers is set to establish a soda ash and ammonium chloride plant in Tuticorin with an investment of Rs 2.9 billion. In 2023, SPIC made history by becoming the first company in the country to produce green soda ash and green ammonium chloride at the Tuticorin unit. The company stated in a release that these investments, committed during GIM 2024, will result in significant direct and indirect employment in the state. SPIC emphasised its commitment to environmental, social, and governance initiatives, stating that these principles will continue to guide its operations. The company underlined its dedication to responsible business practices and future endeavours.

Next Story
Infrastructure Transport

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

Next Story
Resources

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Next Story
Real Estate

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?