Rs 2,960 Crore Order Book: Oil & Gas Field Services Provider Enters into JV Agreement with Simplex Infrastructures Ltd
The stock is up by 75.4 per cent from its 52-week low of Rs 243 per share.
Deep Industries Limited informed that its subsidiary company, Breitling Drilling Private Limited, has entered into a Joint Venture Agreement with Simplex Infrastructures Limited. The primary objective of this collaboration is to establish business synergies that will enable both entities to effectively pursue and capitalise on prospective growth opportunities within their respective sectors.
As per the terms of the Joint Venture Agreement, the shareholding and voting rights in the joint venture will be structured with Breitling Drilling Private Limited holding 74 per cent and Simplex Infrastructures Limited holding the remaining 26 per cent. It is important to note that Simplex Infrastructures Limited is an independent third-party entity and is not related to the promoter, promoter group, or any group companies of Deep Industries Limited or Breitling Drilling Private Limited. The agreement outlines standard terms and covenants typically found in such Joint Venture arrangements.
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About the Company
Deep Industries Ltd, incorporated in 1991, specialises in oil and gas field services, focusing on air and gas compression, drilling, workover, and gas dehydration services. The company holds a dominant position in post-exploration services, covering over 70 per cent of the market. Its business segments include the Gas Compression Division, where it is the largest service provider in India, and the Gas Dehydration Division, offering systems on a build, own, and operate basis. The Drilling and Workover Services segment maintains long-term contracts with major PSUs and private companies. Deep Industries also provides integrated project management services, executing turnkey solutions for well drilling and completion.
Deep Industries Limited has a market capitalisation of over Rs 3,000 crore and has a robust order book of Rs 2,960 crore with significant contracts from ONGC and Oil India. The stock is up by 75.4 per cent from its 52-week low of Rs 243 per share.
Disclaimer: The article is for informational purposes only and not investment advice.