History of Southern Petrochemicals Industries Corporation Ltd
YEAR EVENTS 1969 - The Comp. was Incorporated on 18th December 1969 at Chennai.
- The Comp. is a manufacturer of all kinds of fertilisers & chemicals including petro-chemicals and plastics.
1979 - During the year a pure Gas Hydrogen Recovery Unit was installed to increase Ammonia Production.
1983 - The Comp. also acquisitioned two chemical tankers 'SPIC PEARL' and 'SPIC EMERALD' for regular delivery of Phosphoric Acid from overseas supplies to its plants. The Comp. has also placed an order for a modern gas carrier.
- The Comp. has promoted [is] Tamilnadu Petroproducts Ltd in the joint sector alongwith TIDCO [iis] SPIC Electronics and Systems Ltd for manufacture of IC Chips and [iiis] Manali Petrochemical Ltd for manufacture of Propylene Oxide, Propylene Glycol and Polycol.
- The Comp. has been choosen as the Copromoter for Rs 840 crore Aromatics Project being setup in the joint sector by Madras Refineries Ltd.
1995 - Southern Petrochemicals Industries Corporation Ltd., Chairman signed an MoU with Gelman Sciences of US for manufacturing membrane filters for industrial health care operations.
- US Chemical giant EI DuPont de Nemours & Comp. proposes to establish a tie-up with the Madras-based Southern Petrochemical Industries Corporation [SPICs].
1996 - The fertiliser plants were shut down for maintenance from 23rd March, to 9th May.
- A two hectare Floriculture EOU with Israeli technical collaboration for Rose cut-flowers was commissioned.
- An enzyme project to produce basic enzymes & formulations for use in the leather & detergent industries under the trade name BIODART was commissioned.
- The Heavy Chemicals Division has entered into an agreement with M/s. Chlorine Engineers Corporation [CECs], Japan, for supply of technical knowhow & basic engineering for putting up Membrane Cell Conversion Project at its existing plant at Manali.
1997 - Spic is setting up a $160 million urea plant at Jebel Ali free trade zone in United Arab Emirates [UAEs]. The plant is being set up under a wholly owned subsidiary, Spic Fertilisers & Chemicals, with a capacity of 1,200 tpa of urea & 6.85 tpa of ammonia.
- Spic Electric Power Corporation Limited, a new venture promoted by Spic group, signed a power purchase agreement [PPAs] with the Tamil Nadu Electricity Board [TNEBs] for its 525 MW fourth stage Tuticorin thermal power project.
- Southern Petrochemical Industries Corporation Ltd is setting up a wholly owned subsidiary [WOSs] in Jebel Ali Free Zone [JAFZs] near Dubai for manufacture of urea & ammonia.
- Southern Petrochemicals Industries Corporation [SPICs] has signed an agreement with M.W.Kellogg of United Kingdom for its USD 160 million fertiliser complex in Dubai, through its wholly owned subsidiary Comp. named SPIC Fertilisers and Chemicals FZE.
- Fertiliser major Spic has come out with a new set of proposals for merger of its two ventures, Spic Petrochemicals Ltd [SPCs] & Spic Aromatics & Chemicals Ltd [SACLs] with Arochem, its joint venture with Madras Refineries Ltd [MRLs].
- The fertiliser giant, Southern Petrochemical Industries Corporation [SPICs], has signed an agreement with Universal Investments of New Zealand for forming a joint venture company, which would process foods & export them.
1998 - Southern Petrochemical Industries Corporation Ltd [SPCs] has decided to convert its wholly owned subsidiary at Dubai into a joint venture Comp. by inducting two more partners in Mauritius, to muster financial strength.
- Southern Petrochemical Investment Comp. Ltd [SPICs] is diversifying into hospitality sector & has entered into a marketing tie-up with Radisson Hotels International Inc of USA.
- Spic-SMO, a division of Southern Petrochemical Industries Corporation Ltd [Spics], has entered into a Rs.10 crore joint venture with Italy-based Technipetrol SpA, a wholly-owned subsidiary of Technip group of France.
- Southern Petrochemicals Industries Corporation [Spics] has forged a joint venture with Technipetrol Spa of Italy.
- SPIC has presented a proposal to financial institutions, to merge its two associate companies, Manali petrochemical Ltd and Spic Organics Ltd [SORLs].
- Spic Organics Ltd has allotted 1.5 crore equity shares of Rs. 10 each at par to Southern Petrochemical Industries Corporation Ltd [SPICs].
1999
-K Govindarajan quit as managing director of Spic Petrochemicals Ltd [SPCs]
2000 - The Heavy Chemical Division of Comp. situated at Manali is proposed to be transferred/disposed off as a `going concern' on such conditions after taking into consideration the result of an independent valuation study.
- A 50:50 Joint Venture between the Comp. & Pioneer Overseas Corporation of US, is setting up a plant for `conditioning of seeds' & `cold storage of seeds'. The Joint Venture Comp. is setting 5,000 MTPA seed processing plant at Yellampet in the RR District of Andhra Pradesh.
- The Comp. has bagged the `Best Productivity Award' for year 1998-99 under the category `fertiliser industry - Phosphatic'.
-Spic has bagged the Award of Honour for year 1999 from the National Safety Council of India, -VR Aravind managing director of Gulf SPIC Contracting Comp. WLL Kuwait will take over as the managing director of SPIC Petro. - Tamilnadu Petroproducts [TPLs] has acquired the heavy chemicals division [HCDs] of Spic with the approval of various authorities
-Mr. A.C. Muthiah Vice Chairman & President took over as Chairman of SPIC following the death of his father M.A. Chidambaram
2001 - Mr M. Madhavan Nambiar has been co-opted as Nominee Director of TIDCO in place of Mr R. Gopalan.
- Southern Petrochemical Industries Corporation Ltd [Spics], the Chennai-based MA Chidambaram flagship company, has decided to pull out of race for acquiring government stake in the public sector Madras Fertiliser Ltd [MFLs]
- Southern Petrochemicals Industries Corporation [Spics] has agreed to reimburse over Rs 16 crore to Chennai Petroleum Corporation Ltd [CPCLs] following CPCL decision to withdraw from the over Rs 2,000 crore Arochem project in Tamil Nadu.
- Mr Ashwin C. Muthiah has been elected Vice-Chairman of Chennai-based Southern Petrochemical Industries Corporation Ltd.
2002
-Southern Petrochemical Industries Corporation Ltd has informed that Thiru Babu K Verghese, Deputy Managing Director, is elevated as M D of Comp. in place of Dr P R Sundaravadivelu who consequent to his retirement on March 31, 2002 has laid down the Office as Vice Chairman [M Ds]/Director of Company.
2003
-SPIC-SMO, the engineering & services division of Company, receives Letter of Award for supply & construction of double circuit transmission line on the 155 km stretch between Mysore & Nelamangala in Karnataka
-Board approved to issue/allot 2,00,00,000 equity shares of face value of Rs.10/- each, aggregating to Rs.20 crores,at par, to the Promoters of Company.
2001
--SPIC has divested its entire stake in Seeds JV in favour of US major Pioneer for $17 million
--The pharmaceuticals division of Southern Petrochemical Industries Corporation Ltd [SPICs], located at Cuddalore, in Tamil Nadu, has received the approval from Food & Drug Administration of US
-- Mr Ashwin C. Muthiah has been elected Vice-Chairman of Chennai-based Southern Petrochemical Industries Corporation limited
--The Southern Petrochemical Industries Corporation Ltd [SPICs] has been conferred the ICMA Award 2000 by Indian Chemical Manufacturers' Association for excellence in management of safety, health & environment
--Spic Petro MD quits
2002 --SPIC has sold its 49 per cent share in Caltex-Spic to its joint venture partner Caltex oil corporation.
-- The Southern Petrochemical Industries Corporation Ltd [Spics], has engaged in the services of two international consultancy majors to advice the group on business restructuring.
-- The Southern Petrochemicals & Industrial Corporation Ltd has got two, Rs 73 crore, contracts from the public sector PowerGrid Corporation of India Ltd [PGCILs]. The projects will be completed & commissioned before the first quarter of 2005
--The Southern Petrochemical Industries Corporation Ltd [Spics] has introduced three bio-enzyme formulations for poultry feed intended to increase the digestibility of feed & improving the feed conversion ratio among poultry birds
--Southern Petrochemical Industries Corporation [SPICs] has closed down its ammonia unit at Tuticorin due to a leakage in the pipeline. Accident occurred when the repair works were underway on October 1
2004
-Jaya gets clean chit in SPIC case
- Karaikudi-based Alagappa University on August 25, 2004, confers the degree of Doctor of Letters on the SPIC group Chairman, Mr A.C. Muthiah
