ONGC is likely to be roped in by Southern Petrochemical Industries Corporation (SPIC) as a strategic partner for its troubled petrochemical venture. SPIC floated SPIC Petrochemicals in 1994-95 to handle its petrochemical interests, and focus on manufacturing purified terepthalic acid and polyster filament yarn. A subsequent litigation with Chennai Petroelum saw work on SPIC Petro being suspended. The development had an adverse impact on SPIC's performance and blocked Rs 550 crore invested in the project.
A full fledged revival of the project would require an investment of up to Rs 1,300 crore. Around Rs 200-300 crore would be needed to revive the operation, while Rs 1,000 crore would go towards manufacture of the full range of products.
16-Sep-05 
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