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TAC to merge with SPIC

CHENNAI: Fertilizer major Southern Petrochemical Industries Corporation Ltd. (SPIC) has announced the merger of Tuticorin Alkali Chemicals & Fertilisers Ltd (TAC), an associate company, with itself. TAC is a leading producer of soda ash and ammonium chloride. Under the scheme of amalgamation, the shareholders of TAC will receive five equity shares of SPIC against eight shares held by them in TAC. Ashwin C. Muthiah, Vice Chairman of SPIC, has stated in a release that the merger would ensure a high level of synergy in operations and growth, facilitating a wider product catalogue and customer reach.

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