Jindal Drilling acquires Singapore co for Rs 40 cr

Mumbai, Apr 4 (UNI) Jindal Drilling and Industries Limited (JDIL), a D P Jindal Group Company engaged in the business of offshore oil and gas drilling in India, announced acquisition of 49 per cent holding in Virtue Drilling Private Limited (VDPL), Singapore at a consideration of Rs 40 crore from Jindal Pipes India as a part of its business strategy of expansion and consolidation of offshore drilling business.

Pursuant to this acquisition, VDPL has become a Joint Venture Company (JVC) of JDIL.

VDPL has ordered construction of one cantilever offshore jack-up rig (350'' ft) (Virtue-I) to Keppel fels, Singapore, whose delivery is scheduled in December this year. JDIL has been awarded order for charter hire of the same rig from ONGC for five years, valuing Rs 1,080 crore. The rig shall be deployed for operations under ONGC-JDIL contract immediately after completion of construction, the Company said in a release here.

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