Floriculture wing of SPIC to start exports next month
26/06/96
The floriculture wing in the bio-technology division of Southern Petrochemical Industries Corporation (SPIC) will begin exports of cut flowers next month. Its rose garden set up with Israeli technology in Coimbatore, having over 70,000 stems, is in full bloom, according to Joseph Thomas, Vice-President, (bio-technology), SPIC. Though almost 70 per cent of the international trade in flowers is done through auction centres in the Netherlands, SPIC is tying up with dealers directly in countries like Japan, Russia, Lativia, Germany and the US and those in West and South East Asia.
The price of a cutflower varies according to the stem length which ranges from 40 cm to 1 m. Tastes too differ. While the Japanese prefer mild colours the European fancy is for deep reds and the like. SPIC hopes to make a turnover of Rs 4 crore during the current year. The investment on the project is Rs 5 crore. Since October 1995, SPIC has been exporting ornamental plants developed through tissue culture.
SPIC and Tamilnadu Petro to issue GDR
27/06/96
Southern India Petrochemicals Corportation (Spic) is to raise $60 million through a global depository receipt (GDR) to part finance its urea project in Dubai's free-trade zone Jebel Ali.
Another group company, Tamil Nadu Petroproducts Ltd (TPL), will be raising Swiss Franc 55 million (around $50 million) by way of an Euro convertible bond issue.
Both these financial instruments are scheduled to hit the market some time in September after getting the required final clearance from the finance ministry. preliminary permission to raise the funds has been obtained.
The TPL Euro issue is intended to fund expansion of the
Rs.200 crore cheimcal terminal project in Tuticorn and the ECH (epichorohydrin)
project and for its new joint venture with Ciba Giegy to make the chemical
adhesive epoxy resin.
[Indian Budget'96]