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SPIC Group to invest Rs 1,900 cr to expand capacity in Tamil Nadu facilities
Industry News- Jan 11,24
The Group will invest Rs 1900 crore over the next two years, spanning SPIC Ltd, Greenstar Fertilizers Ltd, and Tuticorin Alkali Chemicals and Fertilizers Ltd.
Chennai
Southern Petrochemical Industries Corporation Ltd (SPIC Ltd) unveiled the Rs 1,900 crore investment plan at Tamil Nadu Global Investors Meet (GIM) 2024 through the signing of a Memorandum of Understanding (MOU) with the state government. Under the visionary leadership of Ashwin Muthiah, Chairman, SPIC, the Group will invest the amount over the next two years, spanning SPIC Ltd, Greenstar Fertilizers Ltd, and Tuticorin Alkali Chemicals and Fertilizers Ltd.
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.
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 (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.
SPIC Group
Tamil Nadu
Ashwin Muthiah
Tamil Nadu Global Investors Meet
SPIC Ltd
Greenstar Fertilizers
Tuticorin Alkali Chemicals
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