- The main objective of the company manufacture of complete range of drill pipes production tubing casing pipes and for providing inspection services.

- The Company undertook to set up a project for the manufacture of 10 000 tpa of drill pipes 15 000 tpa of production tubing and 25 000 tpa of casing pipes collectively referred to as oil country tubular goods (OCTG) required for oil exploration and production.

- Major portion of plant and machinery comprising heat treatment line tool joint manufacturing line coating line threading line etc. were imported from Japan and U.S.A.

- The Company has entered into a technical collaboration with Baker Huges Tubular Services Inc. USA. for Oil exploration equipment comprehensive technololgy for manufacture of tubulars in one integrated plant and a wellhead scanalog - computerised system for automatic and elaborate inspection of tubing on well site.

1989 - 81 shares subscribed for by signatories to the Memorandum of Association. 228 49 919 shares then issued at par out of which the following shares were reserved and allotted on a firm basis:

- (i) 27 79 919 shares to promoters and their associates;

- (ii) 10 00 000 shares to Canbank Mutual Fund;

- (iii) 15 00 000 shares to SBI Capital Markets

- (iv) 10 00 000 shares to APIDC;

- (v) 34 00 000 shares to NRIs on repatriation basis;

- (vi) 7 20 000 shares to Baker Hughes Tubular Services Inc. USA and

- (vii) 13 00 000 shares to Tubos De Acero De Mexico S.A. Mexico.

- Out of the remaining 111 50 000 shares the following shares were reserved for preference allotment:

- (i) 11 42 500 shares to employees (only 20 200 shares taken up);

- (ii) 35 23 000 shares to NRIs on repatriation basis (only 20 72 300 shares taken up);

- (iii) 5 00 000 shares to SBI Capital Markets (all were taken up) and

- (iv) 5 00 000 shares to Canbank Mutual Fund (all were taken up). The balance 54 84 500 shares along with the unsubscribed portion of 25 73 000 shares out of preferential quota were offered to the public in Feb.

- Additional 16 72 500 shares allotted to public to retain oversubscription. 1991 - The overall production and sales were affected due to restriction on imports.

- The company proposed to expand its capacity from 50 000 MT to 75 000 MT with additional investment in equipment and other assets.

1992 - During May the Company offered 1 02 99 500 No. of equity shares of Rs 10 each at par of which 4 90 500 No. of equity shares of Rs 10 each at par of which 4 90 500 shares were reserved for preferential allotment to the employees of the Company (only 2 38 600 shares taken up).

- The remaining 98 09 000 shares were offered to the shareholders on rights basis in the proportion 2:5. All were taken up. Additional 14 71 350 shares were allotted to the shareholders to retain oversubscription. The unsubscribed portion of the employees quota was allowed to lapse.

- 19 000 shares forfeited. 32 48 000 shares allotted at par to financial institutions. Forfeiture on 4 000 shares annualled on 2.4.1992.

1994 - As at 31st March the Company revalued its assets and the net surplus of Rs 174.21 crores arising out of it was credited to revaluation reserves.

- During May 1992 98 09 000 No. of equity shares issued on Rights basis in prop. 2:5. Additional 14 71 350 shares allotted to retain oversubscription. Forfeiture on 2 180 shares annulled. Another 4 90 500 shares offered to employees. (only 2 38 600 shares taken up).

1995 - The Company entered into a long term arrangement with M/s. Grant Prideco SA Switzerland a subsidiary of EVI USA for services and purchase of tubular goods manufactured by the Company. This arrangement would ensure optimum utilisation of the capacity and would substantially add to the income of the company.

1996 - As at 31st March the Company again revalued its assets and the net surplus of Rs 159.14 crores arising out of it was credited to revaluation reserves.

- Subject to necessary approvals of the company proposed to issue 392 89 500 bonus equity shares in prop. 1:1.

1997 - Presently Oil Country Tubular has only a marketing joint venture with EVI - 100 per cent sales agreement.

- EVI has entered into an exclusive manufacturing agreement with OCT for five years by which 75 per cent of the OCT's manufacturing facility would be exclusive to EVI.

- The company manufactures drill pipes production tubings and casing pipes for the oil exploration industry in technical collaboration with Baker Huges Tubular Services of the US.

1998 - Oil Country Tubular (OCTL) is yet another company that currently enjoys the benefits of catering to the oil industry. OCTL supplies the oil industry (mainly ONGC) with tubes and pipes that are used in drilling operations.

- The company had managed to improve the debt equity ratio by repaying a substantial quantum of debt amounting to Rs.33 crore.

1999 - The company has floated a new arm - United Seamless Tubular Ltd to manufacture seamless pipes ranging from 5 inches to 14 inches with a capacity of 140 thousand tonnes per annum.

2003