ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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HINDUSTAN FERODO-Hampered by High Costs

SPIC Higher Margins SOUTHERN PETROCHEMICAL INDUSTRIES CORPORATION (SPIC) has shown encouraging performance during the 15-month period ended March 1989. The urea plant continued to operate at more than 100 per cent capacity for the fifth year in succession. A record monthly production of 58,522 MT of urea and 34,875 MT of ammonia was achieved during the period. The impact of 40 per cent to 60 per cent power cut that prevailed in Ikmil Nadu during the period was mitigated by operating the captive power plant at higher loads. As planned, the first stream of DAP plant after retrofitting was taken on line for commercial production on July 1,1988. This has increased the installed capacity of the DAP-I plant to 850 MT per day. The aluminium fluoride plant recorded highest daily production of 10.0S MT and a monthly production of 210 MT. The plant is now stabilised and is being operated to meet the current demand. The company was able to maintain its market position in urea/DAP in spite of poor monsoon in the primary marketing zone and has successfully sold 1.39 million MT of fertilisers. Shipping Division's tankers were deployed for phosphoric acid carriage on priority. After refurbishing them for carriage of other chemical cargoes, the vessels were deployed for backhaul voyages from Middle East to Europe thereby increasing the foreign exchange earnings. The foreign exchange earned during the period amounted to Rs. 16.26 crore. The company has received government of India approval for the purchase of a gas carrier. The heavy chemicals division has consistently reported over 70 per cent capacity utilisation in this period. Pending completion of formalities and creation of charges, the assets and liabilities as on 31.3.1989 and profit and loss for the period 1.8.87 to 31.3.89 of the erstwhile Chemical Division of Kothari Industrial Corporation have been given due consideration in the accounts.

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