The global leader in oil-drilling rigs manufacturing is proposing to invest over $200 million to set up a global hub in Telangana.
Drillmec SpA, a global leader in oil-drilling rigs manufacturing, is proposing to invest over $200 million (approximately Rs 1,500 crore) to set up a global hub for manufacturing, research and development, and a Centre of Excellence to impart cutting-edge training to people, in Telangana.
Drillmec is a subsidiary of Megha Engineering & Infrastructures Limited (MEIL), a multi-sector group based in Hyderabad.
The company entered into a Memorandum of Understanding (MoU) with the Telangana government this morning in the presence of its Chief Executive Officer Simone Trevisani, Telangana Industries Minister K T Rama Rao and Industries Secretary Jayesh Ranjan.
Drillmec SpA and the Department of Industries & Commerce, Government of Telangana, will float a Special Purpose Vehicle (SPV) for the setting up of the unit.
Speaking on the occasion, Trevisani said, "The Hyderabad manufacturing hub will focus on rig manufacturing and ancillaries. This facility will also have our R&D teams, and training Centre of Excellence. We already have three manufacturing facilities in Italy, USA (Houston) and Belarus. After considering many offers from various countries, we have chosen Telangana in India for our next, as it has a progressive industrial policy and is investor-friendly. We will ensure that this manufacturing hub creates an employment opportunities for about 2,500 people."
Drillmec SpA is a global player in the design, manufacturing and supply of drilling and workover rigs for onshore and offshore applications, as well as a wide range of spare parts for drilling equipment. It claimes to have delivered close to 600 drilling rigs, developed many innovative designs and acquired patents globally. The company, which was incorporated under the laws of Italy having its registered office in Podenzano PC, Italy, was acquired by MEIL in 2020.
Speaking on this occasion, K T Rama Rao said, "We feel proud and welcome Drillmec to Hyderabad. We will hand over the land and fiscal incentives as soon as possible. We have also requested Drillmec to bring its entire drilling rig ecosystems to Telangana. The state government is committed to making Telangana the most industrially progressive state in India. We are also happy to generate employment opportunities for the younger generation in the state."
Uma Maheshwar Reddy, CEO, Drillmec International, said, "This MoU is the first step towards creating a global manufacturing hub in Hyderabad. It will definitely meet the demands of the worldwide market. We already have an order book of $ 1bn."