Fertiliser and chemical company Southern Petrochemicals Industries Corporation (Spic) has closed down its pharma unit at Cuddalore in Tamil Nadu, leaving more than 160 permanent and 300 casual labours in limbo. The pharma unit, set up way back in 1994 in 65 acres of SIPCOT land, manufactures Pencillin-G, active pharmaceutical ingredients and has a research and development unit and has been non-functional for more than 18 months now.
SFIO recommends action against three cement cos
The Serious Fraud Investigation Office (SFIO) is understood to have said that three top cement firms had formed a cartel to jack up prices and has recommended a strong action against their managements. SFIO, the investigation wing of the ministry of Corporate Affairs, was asked to look into price manipulation by three cement firms — ACC, Ambuja and Ultratech — between 2008 and 2010.
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