India: SPIC plans to sell the Tuticorin complex

After three years of closure, the Spic (Southern Petrochemicals Industries Corporation) was revived on October 2010. The plant is located in Tuticorin and it has capacities por NPK, as well as DAP and SSP. They have captive units of phosphoric acid (700 tonnes per day) and sulphuric acid (2,000 tonnes per day). The company was established in 1992 and in the 2010 the Jordanian JPMC acquired the majority of the company shares. But now it has been informed that the cash-strapped Spic wants to sell the Tuticorin phosphatic business. The Company operates in four segments: agro inputs, which include fertilizers; bulk drug and formulations, which include Penicillin-G (Pen-G) and formulations; SMO (engineering/construction services), which includes maintenance contracts, and others, which include tissue culture and floriculture. They owned 52.17% of the Indo Jordan Chemicals Company Limited, till they divested in April 2010 in benefit of the other principal joint venture partner, Jordan Phosphate Mines Company Limited. The selling of the Tuticorin phosphatic business will be done by the debt aggregator Arcil (Asset Reconstruction Company of India).

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