Deep Industries wins Rs 14.02 billion ONGC contract for production boost

09 Sep 2024 CW Team

Deep Industries (DIL) has secured a contract worth Rs 14.02 billion from Oil and Natural Gas Corporation (ONGC) for production enhancement operations in its Rajahmundry Asset. This 15-year contract is the largest project awarded to the company, more than doubling its current order book, which was Rs 12.46 billion as of June 30, 2024.

Paras Savla, Managing Director of Deep Industries, expressed the company's excitement over the achievement, noting that the expansion into Production Enhancement Contracts (PEC) strengthens their position in the evolving oil and gas services value chain.

The contract focuses on PECs designed to boost hydrocarbon production from ONGC's ageing fields through advanced techniques and safe operating practices. The PEC framework is anticipated to expand Deep Industries' revenue streams and enhance profitability.

ONGC's Rajahmundry Asset is undergoing further development of hydrocarbon reserves to improve production and recovery from its mature fields, aligning with ONGC?s strategy to implement efficient technologies and practices for long-term output improvement in its contract areas.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..