The firm, Salicylates & Chemicals has been in the news a few times over the past three years for fire mishaps.
The company manufactures nail polish removers and employs about 160 people. Its premises were located about 300 meters away from its current location and had fire mishaps twice two years back.
Following these incidents, the owner of the company, Mr Adi Narayana, had slipped into depression and decided to shift the company to a location with good vastu. As per the suggestions of vastu experts, he shifted the company to its present location.
His woes, however, continued as chemicals had caught fire six months back though the flames were quickly brought under control as there were fewer barrels of chemicals stored than during Friday?s accident.
Mr Narayana incurred huge losses due to Friday’s fire. Industrial officials said that the value of the damaged goods would be Rs 50 crore. A local resident, Mr G. Anji Babu said that as per vastu, Narayana had shifted the company from its old premises. “It’s said to be a big company with 160 employees,” he said.