"SPIC Group Commits ₹1,900 Crore Investment in Tamil Nadu Within Next 2 Years"

Southern Petrochemical Industries Corporation Limited (SPIC Ltd) has announced substantial investments during the Global Investors Meet in Chennai by signing a memorandum of understanding (MOU) with the state government. The SPIC Group, comprising SPIC, Greenstar Fertilizers, and Tuticorin Alkali Chemicals and Fertilizers, has pledged an investment of Rs. 1,900 crore over the next two years.

As part of an ambitious expansion plan, SPIC is allocating Rs 970 crore to overhaul the existing urea plant, enhance capacity, and establish a 150 MTPD (metric tonnes per day) green ammonia plant. The group emphasized its commitment to farmers' economic empowerment and yield enhancement, expressing dedication to serving the agricultural community.

Greenstar Fertilizers 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. Notably, this investment follows the inauguration of the first WSF facility in Thoothukudi in November 2023, entirely operated by women employees.

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

The investments made during GIM 2024 are expected to generate significant direct and indirect employment in the state. The SPIC Group remains committed to sustainability, and Environmental, Social, and Governance (ESG) initiatives will continue to guide its operations, highlighting its dedication to responsible business practices and future endeavors.

BS