Is re-casing of borewell possible and useful?

Hi,

We have a borewell 300 ft deep, which is 7 years old. The casing is up to 70 feet. We had placed a 1HP submersible pump at 240 feet. About 3 months ago the pump stopped working and the local borewell proffesionals told there could be a casing burst due to corrosion. We pulled the motor up to 220 feet from 240 feet and were able to get clear water.

The borewell proffesional asked us to get the borewell re-casing done with 4" PVC pipes and change the submersible pump too. 

I would like to know if this is possible and will this really help?

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