Varun Ind bags contract worth Rs 50 crore from Essar Oil

Mumbai, Dec 20 (UNI) Leading stainless steel exporter, Varun Industries has secured a contract of Rs 50 crore from oil and gas major Essar Oil.

The company will drill three ultra deep exploratory wells in L' Block of Sittwe region of Myanmar using its state-of-art drilling rig. Drilling is likely to commence from April 2008. Essar is having 100 per cent ownership of the block.

Varun Industries has recently been listed on both NSE and BSE.

UNI