Deep Industries Ltd has acquired DNRL, making it a subsidiary, while also entering a tripartite addendum with ONGC and DESPL to streamline project execution. These moves highlight the company’s strategy of expanding its footprint in oilfield services, enhancing governance, and reinforcing long-term partnerships with India’s largest energy producer.
Deep Industries Ltd, a leading provider of oilfield services, announced two significant developments aimed at strengthening its operations and partnerships. The company has completed the acquisition of DNRL, officially making it a subsidiary. This acquisition is expected to enhance Deep’s capabilities in drilling, workover, and integrated project management.
In parallel, Deep Industries has entered a tripartite addendum with ONGC and DESPL, designed to align contractual obligations, streamline execution, and ensure clarity on performance milestones. This agreement builds on Deep’s long-term engagement with ONGC, including its ₹1,402 crore production enhancement contract spanning 15 years.
Together, these steps reflect Deep Industries’ commitment to scaling operations, improving governance, and securing its position in India’s energy services sector.
Key Highlights / Major Takeaways
Acquisition: DNRL becomes a subsidiary of Deep Industries Ltd.
Strategic Impact: Expands service portfolio in drilling and project management.
Tripartite Addendum: Signed with ONGC and DESPL to unify responsibilities and streamline execution.
Contract Context: Builds on Deep’s ₹1,402 crore, 15-year ONGC production enhancement project.
Sector Positioning: Reinforces Deep’s role in India’s oilfield services ecosystem.
Sources: The Hindu BusinessLine, Economic Times – Energy World, Company Exchange Filings