Drillmec SpA, a subsidiary company of Megha Engineering & Infrastructures Limited (MEIL) group, a Hyderabad-based global multisector conglomerate, proposes to invest over $200 million in the upcoming global manufacturing facility here, which would include R&D and a Centre of Excellence.
Drillmec SpA, a global leader in oil-drilling rigs manufacturing, has entered into a Memorandum of Understanding (MoU) with the Department of Industries & Commerce, Government of Telangana, for the establishment of Drillmec International Hub for manufacturing oil rigs and ancillary equipment in Telangana. Drillmec SpA and the State department will float a Special Purpose Vehicle (SPV) to set up an equipment manufacturing unit.
‘Progressive industrial policy’
Simone Trevisani, CEO Drillmec SpA, said, “We are interested in future investment in the Hydrogen fuel project in India. The Hyderabad manufacturing hub will focus on rig manufacturing and ancillaries. This facility also sets up the R&D and training centre of excellence. We have already three manufacturing facilities in Italy, USA (Houston), and Belarus. After considering many offers from various countries, we choose Telangana as it has a progressive industrial policy and investor-friendly.”
Drillmec SpA is a global leader in 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. Drillmec has historically delivered close to 600 drilling rigs. It has developed many innovative designs and acquired patents globally.
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.
Meeting global demands
Speaking at the event, State Minister for Municipal Administration and Urban Development, KT Ramarao, said, “... 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.”
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 have already had an orderbook of $1 billion.”