Shares of Oil India shed 0.66% to 442.80 on the BSE.
The order is scheduled to be fulfilled over a period of approximately 5 Months.
Commenting on the development, the chief financial officer said, “We look forward to further strengthening our partnership with Oil India, as well as expanding our relationships with both Indian and international customers.”
The company clarified that neither the promoter nor the promoter group companies have any interest in the entity that awarded the contract. It also confirmed that the order does not fall under related party transactions.
United Drilling Tools is a leading manufacturer of oil drilling-related equipment in the country. The company has obtained global quality standards for its major products.
Oil India is engaged in exploration, development, and production of crude oil and natural gas, transportation of crude oil, and production of LPG. It also provides various E&P-related services for oil blocks.