Southern Petrochemical Industries Corporation Ltd (SPIC Ltd) has announced significant investments during the Global Investors Meet in Chennai through the signing of a Memorandum of Understanding (MOU) with the state government.
Ashwin C. Muthiah, Chairman, SPIC mentioned that the group has pledged an investment of ₹1,900 crore over the next two years, spanning SPIC Ltd, Greenstar Fertilizers Ltd, and Tuticorin Alkali Chemicals and Fertilizers Ltd. SPIC is earmarking ₹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 ₹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.
As per the press release, Tuticorin Alkali Chemicals and Fertilizers Ltd (TFL) will allocate ₹290 crore to establish a soda ash and ammonium chloride plant in Thoothukudi. In 2023, TFL manufactured green soda ash and green ammonium chloride at its Thoothukudi plant.
