Jindal Drilling & Industries Ltd (JDIL) has informed that the company has acquired 49% holding in Virtue Drilling Pte Ltd. (VDPL), Singapore for Rs 40 Crores.

The stake has been bought from Jindal Pipes Ltd. as part of its business strategy of expansion and consolidation of its offshore drilling business.

Pursuant to this acquisition, Virtue Drilling Pte Ltd (VDPL), Singapore has become a joint venture Company (JVC) of the Company. The company also owns a 49 percent stake in another Singapore-based firm, Discovery Drilling

New Delhi headquartered, JDIL, a part of D.P. Jindal Group, provides offshore drilling and related services to oil and gas companies in India.

Separately, JDIL has been also awarded order for charter hire of the same rig from ONGC Ltd for 5 years valuing Rs 1080 crores (approx.).
Shares of the company gained Rs 22, or 2%, to settle at Rs 1116. The total volume of shares traded was 1,272,436 at the BSE. (Friday)