Deep Industries Secures INR 148 Crore Contract from Oil India
Filing Summary
Deep Industries Ltd has received a Letter of Award from Oil India Limited for the hiring of a 1000 HP mobile drilling rig package. The contract, valued at approximately INR 148 crores, involves operations in Assam and Arunachal Pradesh. The execution period for this domestic contract is four years. The award is not a related party transaction and is part of Deep Industries’ ordinary business activities.
Deep Industries Ltd has announced the receipt of a Letter of Award from Oil India Limited. The award pertains to the hiring of a 1000 HP mobile drilling rig package for operations in Assam and Arunachal Pradesh. The total estimated value of this contract is approximately INR 148 crores.
The contract is domestic in nature and is set to be executed over a period of four years. There are no interests from the promoter or promoter group in Oil India Limited, and the transaction does not qualify as a related party transaction. The award is part of the company’s ordinary course of business.
Oil India Limited is a prominent player in the oil and gas sector, focusing on exploration and production activities. The company is involved in various upstream operations, contributing significantly to India’s energy sector.
Deep Industries Ltd specializes in providing services to the oil and gas industry, including drilling, workover, and gas compression. The company focuses on expanding its service offerings and maintaining a strong presence in the energy sector.