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Castrol India to shut high cost plant

Castrol India, a lubricant maker, said on Tuesday it had closed its plant located at Hosakote in south India due to high cost of operations and a stiff local tax on its raw materials.

"The operating cost on a per litre basis at the plant was nearly twice that of our plant at Silvassa," Managing Director R A Savoor said, adding the closure was effective April 2.

He said about 30 workers had accepted a severance package offered by the company.

"We are yet to decide on the disposal plans for the plant," Savoor said, but declined to give other details.

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