Drillmec to set up Global manufacturing hub

Hyderabad, Jan 31 (UNI) Global leader in Oil-drilling rigs manufacturing, Drillmec SpA, a subsidiary company of Megha Engineering & Infrastructures Limited (MEIL) group, has entered into a Memorandum of Understanding (MoU) with the Department of Industries & Commerce, Government of Telangana, here on Monday for establishing of its Global Manufacturing hub here with an investment of USD 200 million. The MoU was signed by Telangana Principal Secretary of Industries & Commerce and Information Technology Jayesh Ranjan and Drillec SpA CEO Simone Trevisani in the presence of State Industries Minister K T Rama Rao and Drillmec International CEO Uma Maheshwar Reddy at a function held here. Italy-based Drillmec SpA, a global multisector conglomerate based in Hyderabad, which is proposing to invest for the global hub to come up in 150 acres, include Manufacturing, Research and Development, and a Centre of Excellence to impart cutting-edge training to people. The facility will generate employment to 2,500 people. Speaking on the occasion, Mr Trevisani, 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, India, as it has a progressive industrial policy and investor-friendly, he added. Delivering close to 600 drilling rigs and it has developed many innovative designs and acquired patents globally, Drillmec, the company, which was incorporated under the laws of Italy having its registered office at Podenzano PC in Italy, was acquired by MEIL group in 2020. Drillmec SpA and Department of Industries & Commerce, Government of Telangana, will float a Special Purpose Vehicle (SPV) for the setting up of an equipment manufacturing unit. Mr Rama Rao said, ” We feel proud and welcome Drillmec establishes its manufacturing unit in Hyderabad. He said the State government is committed to making the most industrial progressive state in India and added that we will hand over the land and fiscal incentives as soon as possible. We are happy to get employment opportunities for the younger generation to in the state. We requested Drillmec to bring entire drilling rig ecosystems to Telangana, the Minister added. Mr Maheshwar Reddy 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 order book $1bn,” he added. UNI KNR CS1327

(This story and headline has not been edited by Business Upturn staff and is published from a syndicated feed.)