MEIL’s Subsidiary Drillmec SpA Invests $200 Million in Oil Rig Manufacturing Hub in Telangana

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Drillmec has entered right into a memorandum of understanding (MoU) with the Division of Industries and Commerce, Authorities of Telangana, within the presence of minister KT Rama Rao, to arrange Drillmec Worldwide Hub to fabricate oil rigs and ancillary tools in Telangana.

Drillmec SpA, a subsidiary firm of Megha Engineering and Infrastructures Restricted (MEIL) group, a world multisector conglomerate based mostly in Hyderabad, might be establishing the hub in Hyderabad.

Drillmec SpA has proposed to speculate over USD 200 million within the upcoming facility, which would come with Manufacturing, Analysis and Growth, and a Centre of Excellence to impart cutting-edge coaching to individuals.

Talking on this event, Rama Rao mentioned, “The federal government is dedicated to creating the state progressive by way of industries. We are going to hand over the land and financial incentives as quickly as attainable. We’re comfortable to get employment alternatives for the youthful technology within the state.” Simone Trevisani, CEO, Drillmec SpA, mentioned, “The Hyderabad manufacturing hub will give attention to rig manufacturing and ancillaries. This facility additionally units up the R&D and coaching centre of excellence.”

He additionally acknowledged that they have already got three manufacturing services in Italy, the USA (Houston), and Belarus. “After contemplating many presents from varied international locations, we select Telangana, India, because it has a progressive industrial coverage and is investor-friendly,” he mentioned.

The corporate, which was integrated beneath the legal guidelines of Italy having its registered workplace at Podenzano PC, Italy, was acquired by the MEIL group in 2020. Drillmec SpA and the Division of Industries and Commerce, Authorities of Telangana, will float a Particular Function Automobile (SPV) for the establishing of an tools manufacturing unit. ​

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