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The Thoothukudi plant of the Southern Petrochemicals Industries Corporation will start producing fertilizers from Oct 20. This decision comes in wake of the approval provided by the lenders and other creditors to the revamp package which was developed by Asset Reconstruction Company of India.
It is learnt that a key role in the structuring the deal and re-starting production was played by Union minister for fertilizers and chemicals MK Azhagiri.
The plant had remained non-operational since the time it started facing financial chaos, after which they had to seek help from the Corporate Debt Restructuring Cell. The Corporate Debt Restructuring Cell, which has been set up by Reserve Bank of India, is meant for lending help to the companies to restructure debt.
