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| Exchange Disseminated Time | Castrol India Ltd has informed BSE that the Company has inter alia a manufacturing plant located at Tondiarpet in Chennai in the state of Tamil Nadu. The Tondiarpet plant is one the Company's oldest plants in the country and was faced with a situation of high landed cost of base oil leading to a steep increase in its manufacturing cost per litre over the past several months. This had adversely affected the production activities in the plant.
The Company had decided to phase out the manufacturing activities at the plant and as a consequence offered a Voluntary Retirement Scheme to its employees working in the said Plant. Employees have opted to separate by availing of the benefits under the scheme. The Company has also decided that with effect from July 31, 2011 it would close down its said plant at Tondiarpet in Chennai. The Company would decide at a later date the future of the plant, machinery and part of the land which it owns at this site. |
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