Drillmec SpA, a subsidiary of Hyderabad based Megha Engineering and Infrastructures Limited (MEIL) group has announced the setting up of its global manufacturing hub in Hyderabad.
Drillmec SpA, an oil-drilling rigs manufacturing company, has proposed to invest over $200 million in the upcoming facility. The hub would include manufacturing, R&D, and a centre of excellence to impart training.
Drillmec entered into a memorandum of understanding with the Telangana department of industries & commerce on Monday for the purpose. Both would together float a Special Purpose Vehicle for setting up the unit.
"We are interested in future investment in the Hydrogen fuel project in India. The Hyderabad manufacturing hub will focus on rig manufacturing and ancillaries. We have three manufacturing facilities already 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,” Simone Trevisani, CEO Drillmec SpA, said.
Speaking on the occasion, industries, commerce minister KT Rama Rao said, "We will hand over the land and fiscal incentives as soon as possible. We are happy to get employment opportunities for our state's youth. We requested Drillmec to bring entire drilling rig ecosystems to Telangana."
Drillmec was incorporated under the Italian laws with registered office at Podenzano PC, Italy. It was acquired by MEIL in 2020.