Jindal Drilling & Industries Ltd Share Price

History of Jindal Drilling & Industries Ltd

Jindal Drilling & Industries Limited promoted by D P Jindal Group was incorporated on 17th October, 1983. The Company is a manufacturer of seamless casing pipes and off-shore oil well drilling activities. The Company is engaged in providing services to entities involved in exploration of Oil & Gas. It undertakes drilling operations for ONGC on leased jack-up drilling rigs, as also mud-logging operations. It re-threads casing pipe on a job-work basis for ONGC and OIL and trades in steel pipes; it also heat-treats, cold processes, threads and finishes seamless pipes. The company came out with a rights issue in Jan.'94 to part-finance finishing facilities for seamless pipes, which are used by its sister concern Maharashtra Seamless -- and a small part by ONGC and OIL. Seamless pipes find a ...pplications in the oil sector, the automobile, fertiliser, chemical and process industries and in the manufacture of bearings. The installed capacity of Threading,end finishing & upsetting of Seamless Pipes was 75000 MT till March 2002. The company is planning to change its Registered ofice from Delhi to Maharashtra and the same is subject to approval. During the year 2006, the Company had filed 2 separate Schemes of Arrangement before the Hon'ble High Court for the States of Punjab and Haryana at Chandigarh for the approval of a) the demerger of Casinvest Division into Haryana Capfin Limited. b) the merger of Newsco Newtech Pvt. Ltd. & Discovery Hydrocarbons Pvt. Ltd. with the Company. By orders of Hon'ble High Court dated 27th July 2006, the said Schemes were approved and accordingly, Newsco Newtech Pvt. Ltd. & Discovery Hydrocarbons Pvt. Ltd. amalgamated with the Company and Casinvest Division demerged into Haryana Capfin Limited with effect from the Appointed Date i.e. 1st April, 2005. Further, Casing Pipe Division of the Company was also sold in 2006. Discovery Hydrocarbons Pvt. Ltd. (DHPL) formed a wholly owned subsidiary, namely Discovery Drilling Pte Ltd. (DDPL) in Singapore in April, 2006. Consequent upon scheme of amalgamation as approved by Hon'ble High Court of Punjab & Haryana on 27th July, 2006, DHPL got merged with Company w.e.f. 1st April, 2005. On 2nd February, 2007 DDPL allotted new shares to financial parties and accordingly this wholly owned subsidiary of the Company became joint venture of the Company, wherein the Company holds 49.07% of its Equity Capital. Discovery Hydrocarbons Pvt. Ltd. (DHPL) entered into a Vessel construction agreement (VCA) with Keppel Fels Limited for construction of new premium jack-up Rig and consequent upon scheme of amalgamation as approved by Hon'ble High Court of Punjab & Haryana on 27th July, 2006, DHPL got merged with Company. During the year 2007-08, Company acquired 49% stake in Virtue Drilling Pte Ltd. (VDPL), Singapore and with this acquisition, VDPL became the Joint Venture Company of the Company. During year 2012, the Company commenced operations for 3 sets of directional drilling tools in ONGC Ankleshwar and 1 set of tools for ONGC Ahmedabad, completed 2 wells contract with M/s. Naftogaz India Pvt Ltd., Ahmedabad. During the year 2015-16, the Company was operating one Jack up Rig, sixteen Directional Drilling units along with split units on call and eleven Mud logging units. It commenced operation of another Rig 'Rowan Louisiana' awarded by ONGC in May, 2016. During the year 2018-19, Company operated 2 Jackup Rigs, 6 Directional Drilling sets and 22 Mud Logging units. It purchased a Jack-up Rig 'Discovery-I' at the cost of USD 75 Million from its Joint Venture Company Discovery Drilling Pte. Ltd. During the year 2021-22, Company operated 5 Jackup Rigs, 6 Directional Drilling sets and 22 Mud Logging units. During the year 2023-24, Company operated 2 Jackup Rigs for full year, 1 Jackup Rig for ten months, 1 Jackup Rig for 8 months and 1 Jackup Rig for five months. Apart from this 8 Directional Drilling Sets and 16 Mud Logging Sets on an average basis operated during the year. Company has acquired jack-up rig 'Jindal Pioneer' from a joint venture company, Discovery Drilling Pte. Ltd., Singapore, at a consideration of USD 75 million in FY 2025. During the year 2024-25, Company operated 4 Jackup Rigs for full year, 1 Jackup Rig for 6 months, and 1 Jackup Rig for 1 month. Apart from this 8 Directional Drilling Sets and 6 Mud Logging Sets on an average basis operated during the year.