February 2, 2010 - In a bid to bring in funds to restart the closed fertiliser plant of SPIC, Asset Reconstruction Company of India (ARCIL) — the country's debt aggregator of beleaguered assets — has signed a memorandum of understanding (MoU) to sell the 52.5% stake in Indo-Jordan Chemicals Company (IJCC), a subsidiary of Spic for around Rs 350 crore.  According to sources, the joint venture partner — Jordan Phospates Mines Company — exercised its first right of refusal and bought back the stake held by SPIC, now sold by the debt aggregator ARCIL. Repeated attempts to reach ARCIL and A C Muthiah, the chairman of SPIC, turned futile.  The sources said that the money raised from this exercise would be utilised towards restarting the fertiliser plant in Thoothukudi, in south Tamil Nadu. It is learnt that A C Muthiah-led SPIC had mandated investment banker Rabo Bank to find a suitor for the stake in IJCC and was expecting Rs 400 crore to Rs 500 crore from the sale.  SPIC had invested around Rs 165 crore as equity in the Jordanian venture, which mines rock phosphate and produces phosphoric acid.  The $170 million Indo-Jordan Chemicals Company is a joint venture between SPIC, JPMC and the Arab Investment Company (TAIC).  IJCC plant produces 700 tonnes per day (tpd) of phosphoric acid and 2000 tpd of sulphuric acid. The company also has a storage terminal at the Red Sea Port of Aqaba in Jordan. ARCIL has undertaken a massive clean up of the finances at SPIC. It has sought the auctioning of SPIC's fifteen properties to raise funds. SPIC owes its creditors close to Rs 2,900 crore.

December 8, 2008 - Indo-Jordan Chemcials Co Ltd (IJCC) has shut down production at its phosphoric and sulphuric acid units for December 2008 and January 2009 due to prevailing market conditions. The closure may extend to February unless market conditions improve.