Actually I am writing PIG Script and want to execute some set of statements if one of the condition is satisfied.
I have set one variable and checking for some value
Yes, Pig does offer an if-then-else construction, but it is not used in the way you're asking.
Pig's if-then-else is an arithmetic operator invoked with the shorthand "condition ? true_value : false_value" as part of an expression, such as:
X = FOREACH A GENERATE f2, (f2==1?1:COUNT(B));
You have to already have loaded the table A to do this. To execute control flow around entire Pig statements you'll need something like oozie, as suggested by Fakrudeen.