OCTL Board to relocate certain facilities to another place

HYDERABAD: Drilling pipes manufacturer Oil Country Tubular today said it is relocating some of its facilities from Nalgonda in Telangana to another place, probably in neighbouring Andhra Pradesh, citing power situation and labour unrest are reasons for the move.

In a filing with bourses, the company said the Board has discussed the prevailing power situation in the state and found that workers struck work "illegally in a concerted manner" without any notice or reasonable cause which is resulting in disruption in the company's operations.

"The Board discussed the prevailing power and other operational factors and decided that the company should look at options to relocate certain facilities which can go immediately into operations in a short period, keeping in view future expansions and availability of power, water and infrastructure in close proximity to sea ports," the filing said.

Refuting the allegations, OCTL Karmika Sangham (workers' union) president G Yadgiri had earlier said the management of the company is resorting to harassment ever since the workers started union in August this year.

According to him, as many as 36 workers were removed 'illegally' as they are actively participating in union activities.

Kamineni Group's Sashidhar Kamineni earlier said the company is actively considering three locations in AP and may zero in on Krishnapatnam.

Oil Country Tubular Limited is the flagship company of city-based Kamineni Group.

OCTL shares closed 1.82 per cent down at Rs 37.80 apiece on the BSE today.