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Category: Tamil Nadu Fertilizer Projects
Southern Petrochemicals & Industries Corp has hopes of revival as Indian Oil is keen to resume naphtha supply to Tuticorin plant. SPIC has run into debt after it failed to clear over Rs.3700 million dues to Indian Oil Corp and supply of naphtha was cut in 2007. More than 2 years now, IOC considers an option of recovering its dues to by helping it to resume operations. Asset Reconstruction Company has also worked actively to bring the plant into operations by selling properties and clearing secured creditors. However, around Rs.5000 million in working capital is required to start the plant.
