This has reference to a report in a financial daily today stating that "GE Shipping puts buyout of Tata group firm on hold to fight bid for GESCO."

Tata Industries Ltd, the promoters of Hitech Drilling Services India Limited, strongly denies this report as having no basis whatsoever.

There is no truth in the statement that "GE Shipping and the Tatas were a handshake away from signing a deal that would have seen Hitech Drilling pass into the hands of the Sheths of GE Shipping."

The reference to the possibility of Hitech Drilling passing into the hands of the Sheths of GE Shipping in a deal amounting to Rs.120-150 crores at a price of Rs.80-90 per share is entirely speculative and unfactual.

The company also regrets that such a report has been published without any attempts being made to contact the company and ascertain the facts on the issue.