HYDERABAD: Drillmec SpA, a global leader in oil-drilling rigs manufacturing, has entered into an MoU with the Telangana government to establish the Drillmec International Hub for manufacturing oil rigs and ancillary equipment in the State. The Italy-based company is planning to invest over $200 million (Rs 1,500 crore) in the facility to set be up in around 150 acres. The global hub will comprise manufacturing and research and development units as well as a centre of excellence.
Drillmec SpA is a subsidiary of Megha Engineering and Infrastructures Limited group, a global multisector conglomerate based in Hyderabad. It is into design, manufacturing and supply of drilling and workover rigs for onshore and offshore applications and spare parts for drilling equipment.
Industries Minister KT Rama Rao said: “We feel proud and welcome Drillmec’s decision to establish its manufacturing unit in Hyderabad. The government is committed to transform Telangana into the most progressive state in India. 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. We request Drillmec to bring entire drilling rig ecosystems to Telangana.”
Simone Trevisani, CEO of Drillmec SpA, said that the company is interested in future investment in a hydrogen fuel project in India. “We already have three manufacturing facilities in Italy, US (Houston) and Belarus. After considering many offers from various countries, we choose Telangana in India as it has a progressive industrial and investor-friendly policy,” he added.
Uma Maheshwar Reddy, CEO of Drillmec International, said that this MoU is the first step towards creating a global manufacturing hub in Hyderabad. “It will definitely meet the demands of the world market and the company already has an order book of $1 billion, he added.
Rs 1.5K crore investment
Italy-based Drillmec is planning to invest over Rs 1,500 crore in the facility to be set up in around 150 acres. The global hub will comprise manufacturing and R&D units.