Deep Industries acquires DNRL, assigns ONGC contract to subsidiary

Deep Industries Limited has acquired 70% of Deep Natural Resources Limited (DNRL) by purchasing 350,000 equity shares at INR 10 each with a premium of INR 22.25 per share. This transaction, completed on December 2, 2025, makes DNRL a subsidiary. DNRL, incorporated on August 25, 2009, specializes in hiring heavy vehicles, cranes, and buses, complementing Deep Industries’ oil and gas field services. The acquisition, a related party transaction with Prabha Energy Limited, was approved by the audit committee and board on May 15, 2024, and shareholders on July 16, 2024. DNRL reported a turnover of INR 236.92 Lakhs and a net profit of INR 16.63 Lakhs in FY 2024-25.

In a separate development, Deep Industries announced an update regarding its Letter of Award from Oil and Natural Gas Corporation Limited (ONGC) for production enhancement operations at the Rajahmundry Asset. The company has entered into a Tripartite Addendum/Deed of Assignment with ONGC and Deep Exploration Services Private Limited (DESPL), a wholly-owned subsidiary, to assign this 15-year contract to DESPL. This move aims to improve focus and accountability for effective contract execution.

This strategic acquisition and contract assignment reflect Deep Industries' commitment to enhancing operational capabilities, optimizing costs, and ensuring efficient execution of its projects, further solidifying its position in the oil and gas support services sector.