Industrialist AC Muthiah has stepped down as chairman of Southern Petrochemicals Industries Corporation Limited (Spic). He retired from the position of chairman of board of directors of the company, and has been appointed as chairman emeritus, while his son, Ashwin C Muthiah has taken over as the chairman of the board, according to a company filing to the National Stock Exchange.
Ashwin C Muthiah was vice chairman. The company, founded in 1975 was till now led by the 71 year-old entrepreneur and former president of BCCI. It is one of the South India's prominent industrial houses with interest in fertilisers, chemicals, petro-chemicals and logistics. The company has been facing financial problem for the last four years and is currently undergoing restructuring.
The company management, this week, said it would completely come out of the corporate debt restructuring (CDR) in the next 8-12 quarters. The debt component to some of the banks has been sold by these banks to the Asset Reconstruction Company India (ARCIL).
