Spic exits Jordan JV, sells 52% stake for $ 50.6 mn

CHENNAI: Fertiliser company, Spic, which is in the process of working out a restructuring scheme and re-starting the plants at Tuticorin, has exited from its 12 year old joint venture in Jordan. Spic informed NSE on Tuesday, it has entered into an agreement for the sale of its 52.17% stake in its subsidiary, Indo-Jordan chemicals ( IJC) to its principal JV partner, Jordan phosphate mines ( JPMC) for a consideration of $ 50.6 Million (around Rs 227.7 crore).

This is the large divestment by Spic after it turned sick. In the past, it had sold investments in businesses like seeds, LPG and EPC. When contacted, Spic Chairman A C Muthiah told ET, " It is a good deal. We got a good valuation for our investment in IJC, which is debt free. It will enormously help in the revival of Spic and make it a strong company.

With the ship carrying naptha from IOC having arrived Tuticorin, we hope to re-start the production of fertilisers soon".