Drillmec has entered into a memorandum of understanding (MoU) with the Department of Industries and Commerce, Government of Telangana, in the presence of minister KT Rama Rao, to set up Drillmec International Hub to manufacture oil rigs and ancillary equipment in Telangana.
Drillmec SpA, a subsidiary company of Megha Engineering and Infrastructures Limited (MEIL) group, a global multisector conglomerate based in Hyderabad, will be setting up the hub in Hyderabad.
Drillmec SpA has proposed to invest over USD 200 million in the upcoming facility, which would include Manufacturing, Research and Development, and a Centre of Excellence to impart cutting-edge training to people.
Speaking on this occasion, Rama Rao said, “The government is committed to making the state progressive in terms of industries. We will hand over the land and fiscal incentives as soon as possible. We are happy to get employment opportunities for the younger generation in the state.” Simone Trevisani, CEO, Drillmec SpA, said, “The Hyderabad manufacturing hub will focus on rig manufacturing and ancillaries. This facility also sets up the R&D and training centre of excellence.”
He also stated that they already have three manufacturing facilities in Italy, the USA (Houston), and Belarus. “After considering many offers from various countries, we choose Telangana, India, as it has a progressive industrial policy and is investor-friendly,” he said.
The company, which was incorporated under the laws of Italy having its registered office at Podenzano PC, Italy, was acquired by the MEIL group in 2020. Drillmec SpA and the Department of Industries and Commerce, Government of Telangana, will float a Special Purpose Vehicle (SPV) for the setting up of an equipment manufacturing unit.
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