JINDALDRIL

Jindal Drilling And Industries Limited has informed the Exchange that the Hon'ble High Court for the States of Punjab & Haryana at Chandigarh in the hearing held on July 27, 2006 has approved the Merger of Newsco Newtech Pvt Ltd and Discovery Hydrocarbons Pvt. Ltd with Jindal Drilling & Industries Ltd and Demerger of Casinvest Division of the Company into Haryana Engineering Ltd.

Jindal Drilling And Industries Limited has informed the Exchange that M/s. Discovery Hydrocarbons Pvt. Ltd., a Company which is being merged under the Scheme of Arrangement with the Company, has informed that they have signed a Vessel Construction agreement for a Newly built Cantilever Jackup Offshore Drilling Rig. The Rig would be constructed and delivered over a period of 30 months and the total project cost would be around USD 171 million.

Jindal Drilling And Industries Limited has informed the Exchange that the BODs at their meeting held on December 02, 2005, took the following decisions: (1) To amalgamate/merge two companies i.e. Discovery Hydrocarbons (P) Limited and Newsco Newtech Private Limited which are also engaged in the business of drilling for Oil and Gas into Jindal Drilling & Industries Limited. (2) To demerge the Casinvest Division (non oil drilling business) into a separate Company Haryana Engineering Limited and apply for listing of Haryana Engineering Limited on the stock Exchange. For the above purpose the Boar