MEIL's subsidiary Drillmec SpA to invest USD 200 million for manufacturing oil rigs, ancillary equipment in Telangana

Speaking on this occasion, Telangana Information Technology and Industries Minister KT Rama Rao said, "We feel proud and welcome Drillmec establishes its manufacturing unit in Hyderabad. The State government is committed to making the most industrial 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 requested Drillmec to bring entire drilling rig ecosystems to Telangana," Rao said.

Drillmec SpA, a subsidiary company of Megha Engineering & Infrastructures Limited (MEIL) group, a global multisector conglomerate based in Hyderabad, will be establishing its global manufacturing hub in Hyderabad, Telangana.

Drillmec SpA, a global leader in oil-drilling rigs manufacturing, is proposing to invest over USD 200 million in the upcoming facility for the setting up of the global hub, which would include Manufacturing, Research and Development, and a Centre of Excellence to impart cutting-edge training to people.

Simone Trevisani, CEO Drillmec SpA, 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."

"We have already 3 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 is investor-friendly," Trevisani said.

Drillmec SpA is a global leader in the design, manufacturing and supply of drilling and workover rigs for onshore and offshore applications as well as a wide range of spare parts for drilling equipment.

Drillmec enjoys a worldwide reputation for reliability. It is a reflection of extensive engineering development, timely deliveries and effective after-sale service.

Drillmec has historically delivered close to 600 drilling rigs. It has developed many innovative designs and acquired patents globally. The company, which was incorporated under the laws of Italy having its registered office at Podenzano PC, Italy, was acquired by the MEIL group in 2020.

Drillmec SpA and the Department of Industries and Commerce, Government of Telangana, will float a Special Purpose Vehicle (SPV) for the setting up of an equipment manufacturing unit.

Uma Maheshwar Reddy, CEO, Drillmec International, 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 USD 1 bn."

Drillmec SpA representative said that it would be a great honour to work with the government of Telangana and the manufacturing unit would ensure energy security in the country. "We will ensure that this manufacturing hub creates employment opportunities for about 2,500 people." (ANI)