SPIC

From Wikipedia, the free encyclopedia
Jump to: navigation, search
This article is about the Indian petrochemicals company. For the ethnic slur, see Spic. For other uses, see Spic (disambiguation).
Southern Petrochemical Industries Corp. Ltd.
Type public company
Traded as BSE590030
NSESPIC
ISIN: INE147A01011
Industry Chemicals and Pharmaceuticals
Founded 1969
Headquarters Chennai, India
Revenue IncreaseINR270.13 billion (US$4.5 billion) (2011)[1]
Net income IncreaseINR40.13 billion (US$670 million) (2011)[2]
Employees 20,569
Website spic.in

Southern Petrochemical Industries Corporation Ltd., or SPIC, (BSE590030, NSESPIC) is an Indian company that makes petrochemicals. Its core competency is in fertiliser products. It has operations in power, oil and natural gas, pharmaceuticals, and biotechnology applications in agriculture.

The company, headquartered in Chennai, was incorporated on 18 December 1969[3] and became a joint venture between the M. A. Chidambaram Group and TIDCO (a part of the Government of Tamil Nadu) in 1975. The government sold its stake in 1992. The company's biggest client has been the government of Tamil Nadu, which purchases agro-products for subsidised distribution through its Public Distribution System. The company has been in poor financial health since about 2002. Its 2006 sales amounted to INR 22 billion, with a net operating loss of INR 1.8 billion.

SPICpic has four business lines:

  • the fertiliser division,
  • the pharmaceuticals division which manufactures Penicillin-G Potassium (fermentation-based), and active pharmaceutical ingredients,
  • the engineering/construction services division offers specialised and turnkey project-based solutions mainly in fertilisers,
  • the agri-business division, which offers products for agricultural development like hybrid seeds and bio-fertilisers.

The company has a strategic stake/or has promoted companies like Tuticorin Alkali Chemicals, a soda ash manufacturer, Tamil Nadu Petroproducts a company which produces liner alkali benzene, Manali Petrochemicals, Indo Jordan Chemicals and a host of other companies.

As per regulatory filings, the promoters (including TN government's investment arm which has 8.2% stake) hold 39.2%, institutions hold 16.2%, public shareholding is 29% and custodians of GDRs hold the balance. First, Spic knocked on the BIFR doors, and then entered the CDR Cell for restructuring loans. The problem for Spic started in the late 1990s when the company had planned a foray into petrochemicals through Spic Petrochemicals, which ran into a rough weather. It was contrived then to make purified terephthalic acid (PTA) and polyester filament yarn (PFY) facility at Manali in Chennai.

References[edit]

  1. ^ FY 2011 Network 18
  2. ^ FY 2011 Network 18
  3. ^ "Company History – SPIC". The Economic Times (The Times Group). Retrieved 4 May 2012. 

External links[edit]