Bharat Petroleum Corporation (BPCL) is considering a proposal to acquire the assets of SPIC Petrochemicals, a subsidiary of A C Muthiah-owned Southern Petrochemical Industries Corporation (SPIC). SPIC's greenfield project to manufacture purified terephthalic acid (PTA) and polyester filament yarn (PFY) at Kossapur, near Chennai, has been aborted due to financial problems. SPIC Petrochemicals got entangled into financial problems for its 315,000 tpa PTA and 80,000 tpa PFY projects, conceived almost a decade back.
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Friday, February 01, 2008
BPCL mulls acquisition of SPIC Petrochem assets
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