Deep Industries Limited has officially entered into a Memorandum of Understanding (MOU) with Advait Greenenergy Private Limited (AGPL) for Green Hydrogen projects, as disclosed under Regulation 30 of SEBI Listing Regulations. The strategic partnership aims to jointly bid for and execute Green Hydrogen project tenders issued by government bodies, PSUs, private entities, and other organizations in India and abroad.

Official MOU Details

The company filed the regulatory disclosure on March 13, 2026, informing BSE and NSE about this strategic business growth initiative. The MOU establishes a framework for collaboration between both companies to participate in the growing Green Hydrogen market segment.

Scope of Business Operations

The partnership will focus on jointly bidding for Green Hydrogen project tenders floated by major PSUs including NTPC, SECI, IOC, HPCL, BPCL, GAIL, state utilities, and other entities. The collaboration covers preparation and submission of joint bid proposals, technical submissions, financial responses, and project execution upon award.

Financial and Strategic Terms

No upfront consideration has been paid for entering into this strategic tie-up, with respective parties being responsible for their identified scope of work. The transaction is not classified as a related party transaction, ensuring arm's length dealing between the entities.

Market Positioning and Benefits

This collaboration positions Deep Industries to capitalize on the expanding Green Hydrogen market opportunities. The partnership seeks to harness the combined strengths of both companies to enhance business opportunities in the renewable energy sector, particularly in government and PSU-driven Green Hydrogen initiatives across India and international markets.

Deep Industries Limited announced significant strategic decisions following its board meeting held on March 12, 2026. The oil and gas field services company approved multiple business expansion initiatives and governance changes in compliance with SEBI regulations, positioning the company for diversified growth.

Green Energy Business Expansion

The board approved a crucial amendment to the company's Memorandum of Association, specifically targeting the addition of green energy business as an additional vertical. This strategic move involves altering Clause III (Main Object Clause) by adding Main object number 5 to Clause III [A] of the MOA. The expansion represents Deep Industries' commitment to diversifying its energy portfolio beyond traditional oil and gas services.

New Independent Director Appointment

Based on the recommendation of the Nomination and Remuneration Committee, the board appointed Mr. Shalin Harshadhai Patel (DIN: 08214933) as Additional Non-Executive Independent Director, subject to shareholder approval. The appointment follows all regulatory compliance requirements under SEBI regulations.

Mr. Patel brings extensive expertise in corporate finance, including business valuations, fundraising, and debt resolution. He serves as founder partner of Samvritti Advisory Services LLP and holds registrations as IBBI Registered Valuer and Insolvency Professional. His core competencies span finance and accounts, banking, and costing, with proven experience in aligning financial strategies with organizational growth objectives.

Corporate Restructuring Activities

The board approved the sale of 15,00,000 10% Optionally Convertible Redeemable Preference Shares (OCRPS) of subsidiary Raas Equipment Private Limited to a related party. The company indicated that detailed disclosures regarding this transaction will be provided upon completion of the share transfer process, in accordance with SEBI regulations.

Regulatory Compliance and Governance

All decisions align with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board also approved postal ballot notice procedures to obtain necessary shareholder approvals for the proposed changes. The company confirmed that Mr. Patel meets all regulatory requirements, is not disqualified under Section 164 of the Companies Act 2013, and is not debarred from holding directorship by any SEBI order or other authority.

The regulatory filings were submitted to both BSE and NSE as per the prescribed disclosure requirements under SEBI circular guidelines.