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Southern Petroleum Industries To Exit Tissue Culture Business [DealCurry (India)]
[January 15, 2014]

Southern Petroleum Industries To Exit Tissue Culture Business [DealCurry (India)]

(DealCurry (India) Via Acquire Media NewsEdge) Fertilizer manufacturer Southern Petrochemical Industries Corporation (SPIC) is exiting its business of production and sale of tissue culture business by selling the same, the company said in a filing.SPIC was a JV between the M. A. Chidambaram Group and TIDCO (a part of the Government of Tamil Nadu), however in 1992 the government sold its stake . The company has been burdened with a huge debt due to its unrelated diversification like petrochemicals and finance which backfired.As a part of its restructuring plan, the company has been hiving off assets. The company completed R3300-crore debt restructure last year by selling assets, injecting fresh cash into operations as well as converting outstanding debt into equity holdings for lenders.SPIC has also sold its business holdings in a variety of sectors including pharmaceuticals, bio-tech, SMO, Logistics, EDAC Engineering, portion of its shareholding in Manali Petrochemical and others.In November last year, it decided to sell the entire promoter's stake of 55.97% in SPEL Semiconductor, a subsidiary and a listed entity, to Singapore-based Natronix Semiconductor Technology.The company had a PAT of R1099 Cr on a revenue of R2384 Cr for the last fiscal.Recently in this space; Zuari Fertilizers was divesting its 16.43% stake in MCF to Deepak fertilizers; Madhya Bharat Phosphate Pvt Ltd had raised an undisclosed amount of funding from SEAF India Agribusiness Fund (c) 2014 EagleEye Research & Media Pvt. Ltd. All rights reserved. Provided by, an company

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