HYDERABAD: Adding another big investment to its pocket, Telangana has attracted Italy-based company Drillmec SpA for the establishment of a massive global oil rig and ancillary equipment manufacturing hub in Telangana.
The company will be investing USD 200 million (Rs 1,500 crore and providing employment to 2500 people. The facility will come up in around 150 acres and another 20 acres for setting up training centre
Speaking on the occasion, Industries Minister KT Rama Rao said that the state government will provide all the support to set up the manufacturing plant as soon as possible. Telangana with its industrial friendly policies have been attracting several manufacturing companies towards the State, he said.
Drillmec SpA, is global oil-drilling rig manufacturing giant has decided to setup its manufacturing plant in Telangana. A MoU, which was formally signed between State government and the company on Monday, will facilitate the creation of a global manufacturing facility with a large investment by creating a huge employment potential.