Southern Petrochemicals Industries Corporation (Spic) has forged a joint venture with Technipetrol Spa of Italy. Christened Technipetrol India Private Ltd, the company would be dealing with turnkey contracts in oil and gas, petrochemicals, chemicals, fertilisers, power plants, environmental engineering and pharmaceuticals in India, the middle-east, south-east Asia, and central Asian republics.
The joint venture company has an authorised capital of Rs 10 crore and both the partners will hold 50 per cent equity each in it. The venture will be a 500,000 engineering man-hour per annum company.
The company has bagged a Rs 19.5-crore contract for electrification of railway tracks between Bhubaneswar and Chatrapur section in Orissa.
The deal will be finalised and taken up for implementation during 1998-2000. It is expected that the professional strengths of both the partners will be blend well to provide a range of quality services.
Spic-SMO, the engineering contract division of Spic, has during 1997-98, obtained orders worth Rs 47.36 crore besides the construction and supervision contract for the ammonia/urea complex of SFCL at Jebel Ali, Dubai, for Rs 24.5 crore.
Besides, several commissioning deals are being executed by the division for IPCL, Gail and RCF.
With the finalisation of the joint venture, a combined operation with executives from Technipetrol in Spic-SMO's office in Chennai is underway.
During the financial year 1997-98, exercising the `call option', the company had redeemed the Swiss Foreign currency convertible bonds for $67.52 million with a 18.75 per cent premium on the principal amount.
During the year, the company had procured non-convertible debentures of Rs 157 crore. It had issued on private placement basis redeemable cumulative preference shares aggregating to Rs 27 crore.
During the financial year, the company had redeemed cumulative preference shares aggregating to Rs 6 crore and reissued on redemption cumulative preference shares aggregating to Rs 3 crore.
