“A skyscraper in Chennai?” you might ask. Yes, the SPIC building is one of the city’s oldest. It was once known as the “twin towers of Chennai.”
The SPIC building stands tall on Anna Salai, facing Guindy railway station. It is the headquarters of Southern Petrochemical Industries Corp Ltd. This company is a joint venture. The MA Chidambaram Group and TIDCO are partners. TIDCO is part of the Government of Tamil Nadu.
SPIC was incorporated in 1969. By 1975, it became a joint venture. SPIC has pioneered need-based solutions for farmers. It has a strong brand image. People recognize its quality agro-inputs. SPIC also has a strong dealer network. There are about 3949 outlets across the country. These outlets are supported by regional offices.
The SPIC administrative building was built in 1977. The Annexe building followed in 1993. The main building has ten floors. The Annexe has eight floors.
SPIC has strategic stakes in other companies. These include Tuticorin Alkali Chemicals and Fertilizers. This company produces soda ash and ammonium chloride. Other companies include Tamilnadu Petroproducts and Manali Petrochemicals.
In 2024, SPIC announced expansion plans. These plans involve ₹1,900 crore. The company aims to revamp its urea plant and establish a green ammonia plant. Greenstar Fertilizers, a SPIC Group company, will invest in a water-soluble fertilizer plant in Chennai.
Under the leadership of Ashwin Muthiah, SPIC has undergone a turnaround. SPIC transitioned to 100 percent natural gas operations. This shift enhances sustainability. It also improves operational efficiency and profitability.
SPIC joined the “gas pooling” mechanism in May 2024. This mechanism calculates a single gas price. It is based on the weighted average price of natural gas.
SPIC is committed to environmental issues. It is also committed to compliance. The company focuses on sustainable growth. It reinvests its cash into the business. SPIC is now a dividend-paying entity.
The SPIC building also houses honorary consulates. Belgium and the Philippines both have consulates here.
Though one of the towers was sold and partly demolished, the remaining SPIC building stands as a testament to Chennai’s industrial spirit. A symbol of innovation and growth. It continues to contribute to India’s agricultural sector.