Formerly known as ATV Petrochem, SVC Superchem (SVCL) was incorporated in 1989. Suresh Chaturvedi is the chairman and managing director. The company which was earlier engaged in trading in steels and chemicals like benzoplast, acetone, pine oil, toluene, benzene, phenol, etc, had discontinued the trading activities in Jul.'94 to concentrate on its PTA project.
SVCL has a technical collaboration with Tecmor, the US. The company is implementing a project to manufacture 1.2 lac tpa purified terephthalic acid (PTA) at Chhata (Mathura district), Uttar Pradesh. It has issued FCDs, aggregating Rs 216 cr, to finance the PTA project. Trial test has been commenced. The company proposes to set up facilities for petro products which will have synergy with the existing PTA project.
Due to the delay in the approved and sanctioned release of the required funds, continuous operations could not be sustained resulting in various start up and shut down of trial runs.
Tata Consulting Engineers Limited and SBI Capital Markets Limited have submitted a detailed report covering technical and financial aspects based on which the restructuring proposal was prepared by IFCI Ltd., which is under active consideration by the consortium of lending Banks and Financial Institutions. The Company is awaiting releasse of required resources recommended by the appropriate agencies in order to start the plant and achieve commercial operations.