CHENNAI: Southern Petrochemical Industries Corporation (SPIC) Ltd has committed to investing R1,900 crore over the next two years under its strategic group expansion plans. It plans to establish a 150 MTPD Green Ammonia plant and expand its urea plant and other expansion projects with a fresh investment of R970 crore over the next two years, it said in a statement.
Greenstar Fertilizers, a subsidiary of SPIC, aims to invest Rs 640 crore in a Water Soluble Fertilizer (WSF) Mixing plant in Chennai, a 2500 MTPA Sulphuric Acid plant, and the refurbishment of plants in Thoothukudi.
Tuticorin Alkali Chemicals and Fertilizers will establish a Soda Ash and Ammonium Chloride Plant in Thoothukudi at the cost of R290 crore. The total investments by the company amounts to R1,900 crore. These investments show sustainability, Environmental, Social, and Governance (ESG) initiatives of SPIC, the company said in a statement. It will continue to guide SPIC’s operations, underlining its dedication to responsible business practices and future endeavours, it added.
The company pledged the investments to the state during the two-day Global Investors Meet 2024, which concluded on Monday. “These investments committed during GIM 2024 will generate significant direct and indirect employment in the state,” the company said in a release.