Southern Petrochemical Industries Corporation Limited (SPIC Ltd) has announced significant investments during the Global Investors Meet in Chennai through the signing of a memorandum of understanding (MOU) with the state government. The Group has pledged an investment of Rs 1,900 crore over the next two years, spanning SPIC, Greenstar Fertilizers, and Tuticorin Alkali Chemicals and Fertilizers.

As part of an ambitious Group expansion, SPIC is earmarking Rs 970 crore to revamp the existing urea plant, augment capacity, and establish a 150 MTPD (metric tonnes per day) green ammonia plant.

"We remain committed to farmers' economic empowerment and yield enhancement, steadfastly dedicated to serving the agricultural community," it said in a statement.

Similarly, Tuticorin Alkali Chemicals and Fertilizers Limited (TFL) will allocate Rs 290 crore to establish a soda ash and ammonium chloride Plant in Thoothukudi. In 2023, TFL achieved a milestone by becoming the first company to manufacture Green Soda Ash and Green Ammonium Chloride at its Thoothukudi plant.