AM International Holdings Pte. Ltd, the Singapore-based holding company of SPIC, Tamilnadu Petroproducts Ltd (TPL) and Manali Petroproducts Ltd (MPL), announced plans to invest ₹2,000 crore in India over the next 24 months, with a strong focus on the fertiliser and petrochemicals segments. Founder and Chairman Ashwin Muthiah said the investment will primarily support brownfield expansions across multiple locations, reinforcing the group’s long-term commitment to India’s manufacturing and chemicals ecosystem.
Brownfield Expansions Across Key Industrial Hubs
Muthiah said the group will deploy the majority of its capital expenditure at Thoothukudi and carry out expansion projects in Manali, Chennai, and western India to support MPL’s growth initiatives. These investments aim to enhance operational efficiency, strengthen downstream integration and cater to rising domestic demand across fertilisers, chemicals and industrial applications.
Tuticorin Alkali to Triple Soda Ash Capacity
A key component of the expansion plan involves Tuticorin Alkali Chemicals and Fertilizers Ltd (TAC), a leading producer of soda ash. The company is scaling up its capacity from the current 75,000 tonnes to 200,000 tons, with the expansion scheduled for completion by November 2026. “This project will significantly strengthen downstream linkages for fertilisers, detergents and other industrial applications,” Muthiah said, highlighting the strategic importance of soda ash within the group’s value chain.
Petrochemicals Capacity Expansion at TPL and MPL
In parallel, Tamilnadu Petroproducts Ltd will expand its petrochemicals portfolio. The company plans to enhance propylene glycol production and increase linear alkyl benzene (LAB) capacity, catering to growing demand from home care, personal care and industrial sectors. Meanwhile, Manali Petrochemicals Ltd will set up a new propylene glycol facility, aimed at meeting rising domestic consumption and reducing import dependence.
Institutionalisation Takes Centre Stage
Beyond capacity expansion, Muthiah emphasised the group’s focus on institutionalisation and professionalisation. “As a torchbearer in the current environment, it is critical to deliver value to all stakeholders—shareholders, suppliers, customers and employees,” he said. “This can only be achieved by building strong institutions through a professionalised setup. Running a company is one thing, but building an institution is entirely different,” he added. He further added that his primary objective is to create organisations capable of sustaining long-term growth, citing the Tata Group as a benchmark for successful institutionalisation.
No Divestment Plans, Focus Firmly on Growth
Addressing speculation around potential divestments, Muthiah clarified that the group has no plans to sell stakes in any of its companies. “Any divestment in the past was undertaken to deleverage our balance sheets, which are now very healthy. We funded our investments largely through internal resources. At this stage, the focus is squarely on growth,” he said.
Succession Planning and Next-Generation Leadership
On succession, Muthiah said both his daughters actively pursue involvement in the business and already participate in strategic discussions. “I have two daughters, and both are keen to be involved. They participate in management-level discussions and sit on the boards of some group companies. It is my wish that they continue the legacy,” he said.
As reported by thehindubusinessline.com, in March 2023, Devaki Ashwin Muthiah, the elder daughter, joined the boards of AM UK Holdings Ltd. She also became a board member of AM International Holdings Pvt Ltd, Singapore. Subsequently, in June 2024, Wilson International Trading Pvt Ltd inducted her younger sister, Alagu Ashwin Muthiah, as a non-executive, non-independent director on its board.
