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.