CHENNAI: Southern Petrochemical Industries Corporation Ltd (SPIC Ltd) is set to invest Rs 1,900 crore over the next two years.
It has announced the significant investment during the GIM in Chennai through the signing of a MOU with the state government. Under the visionary leadership of Ashwin C Muthiah, chairman, SPIC the Group pledges an investment of Rs 1,900 crore over the next two years, spanning SPIC Ltd, Greenstar Fertilizers Ltd, and Tuticorin Alkali Chemicals and Fertilizers Ltd, a release said.
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 is set to invest Rs 640 crore in a Water Soluble Fertilizer (WSF) mixing plant at Chennai, a 2,500 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 entirely operated by women employees.