SPIC plans to boost India’s production of urea and green ammonia
Southern Petrochemical Industries Corporation (SPIC) Ltd has announced an ambitious investment plan of Rs 1,900 crore ($242mn). This initiative is part of the group’s expansion strategy aimed at reinforcing its commitment to sustainability and innovation.
Tuticorin Alkali Chemicals and Fertilizers, under the SPIC umbrella, is slated to set up a new Soda Ash and Ammonium Chloride Plant in Thoothukudi, entailing an investment of Rs 290 crore ($37mn). The investment also includes the establishment of a 150 MTPD Green Ammonia plant and an expansion of the current urea facility, with a projected spend of Rs 970 crore ($124mn) designated for these projects over the next two years.
Furthermore, Greenstar Fertilizers, a subsidiary of SPIC, is poised to allocate Rs 640 crore ($81.6mn) towards the construction of a Water Soluble Fertilizer (WSF) Mixing plant in Chennai. Additionally, investments will foster the development of a 2500 MTPA Sulphuric Acid plant and the refurbishment of the existing infrastructure in Thoothukudi.
Altogether, these investments align with the ESG initiatives of SPIC, illustrating the company’s resolve to integrate responsible business practices into its core operations and future ventures.
The investment commitments were confirmed by SPIC at the two-day Global Investors Meet 2024, which wrapped up on Monday in Chennai, India. The company plans to generate a substantial number of direct and indirect job opportunities, bolstering employment in the state and demonstrating SPIC’s role as a catalyst for economic growth and environmental stewardship.
