Already a well-diversified company, Spic has interests in fertilisers, chemicals, alkalies, pharmaceuticals and shipping.

Spic is also raising rupee term loan up to Rs 125 crore from Industrial Development Bank of India (IDBI) to meet its long-term working capital requirements.

The company is seeking the approval of the share-holders under Section 149 (2A) and other applicable provisions of the Companies Act, 1956 for commencing and carrying on these activities specified in the companys Memorandum of Association. The companys board of directors will take a decision on when to commence these businesses. The electronics and computers businesses are specified in the sub-clause 54 of Clause 111 (C) of the Memorandum of Association of the company.

The company is seeking share-holders approval on August 28 at its annual general meeting for passing theseresolutions.

Spic crossed the Rs 2,000-crore mark in turnover for the first time in fiscal 1997-98. Sales rose to Rs 2,061 crore from Rs 1,811 crore in 1996-97, registering a rise of 13.8 per cent. The major part of the turnover was churned from the fertiliser division, which contributed Rs 325 crore.

The company improved its profits during the year ended March 1998 despite severe water shortage in the southern region. The ammonia and urea plants were closed nearly for one and half months on account of water shortage.

The other income went up sharply by 235 per cent to Rs 72.20 crore. Of this, about Rs 22 crore came from the sales of investment in the LPG division to Caltex.

Caltex Oil Corporation is picking up a majority stake of 51 per cent in Spic's petroleum division which has been hived off into a new company christened Spic Jothi Gas Pvt Ltd. This will fetch SPIC a consideration of around Rs 200 crore.

Spic is also promoting an overseas venture in Jebel Ali Free Zone, Dubai which is expectedto go on stream in the third quarter of 1998. The plant will be set up at a cost of $100 million and will manufacture four lakh tonnes of urea. The expected turnover from this operation is $60 million initially.