Southern Petrochemical Industries Corporation Limited (SPIC) has executed a loan agreement with one of the related parties to avail Rs. 180 crore by way of External Commercial Borrowing for meeting the Capex requirements of the company as per RBI Guidelines, engaging HDFC Bank Limited as the authorise dealer.

The company has received Rs. 89.35 crore as its first tranche.

SPIC is a joint venture founded by Dr M A Chidambaram and Tamil Nadu Industrial Development Corporation Limited (TIDCO), a state-owned industrial development institution.

SPIC’s large fertilizer complex is capable of producing 6.2 lakh tons of Neem Coated Urea.