The proposed merger of Spic (Southern Petrochemical Industries Corporation Ltd.) and TAC (Tuticorin Alkali Chemicals and Fertilisers (TAC) Ltd. seems likely to be called off, due to opposition from the IDBI led consortium of lenders. The reason for IDBI's opposition is that Spic has turned sick and is being referred to the BIFR following its net worth erosion while TAC is in the process of a turnaround and has started making profits.
The board of directors of both companies had cleared the merger proposal a couple of months back. Spic holds 45.15% stake in TAC.
25-Sep-06 
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