SPIC Ltd. Unveils Rs 1,900 Crore Investment Blitz for Next Two Years

10 Jan 2024 , 08:35 AM

According to its strategic group expansion goals, Southern Petrochemical Industries Corporation (SPIC) Ltd. has committed to investing Rs 1,900 crore over the next two years, the firm announced on Tuesday.

At the two-day Global Investors Meet 2024, which ended on Monday, the business promised the state the investments. In line with the investment plan, SPIC Ltd has set aside Rs 970 crore to build a 150 MTPD green ammonia plant, increase capacity, and renovate the current urea plant.

In addition, the group company Greenstar Fertilisers Ltd. has set aside Rs 640 crore for the construction of a 2,500 MTPA sulfuric acid plant, a water soluble fertiliser mixing plant in Chennai, and the renovation of already-existing units in Tuticorin. At a cost of Rs 290 crore, SPIC’s Tuticorin Alkali Chemicals and Fertilisers Ltd. would establish a soda ash and ammonium chloride facility in Tuticorin.

At the Tuticorin facility, it became the first company in the nation to create green ammonium chloride and green soda ash in 2023. The business stated in a release that ‘these investments committed during GIM 2024 will generate significant direct and indirect employment in the state.’

The corporation emphasised that SPIC’s operations would be guided by environmental, social, and governance measures going forward, demonstrating its commitment to ethical business practices and future endeavours.

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