HYDERABAD: Italian oil and gas rigs manufacturer Drillmec SpA, a subsidiary of Hyderabad-based Megha Engineering & Infrastructures Ltd (MEIL), is investing $200 million (approx Rs 1,500 crore) in setting up a global manufacturing hub at Shahabad on the outskirts of Hyderabad.
As part of the new investment, Drillmec will be setting up a manufacturing facility for oil rigs and ancillary equipment, R&D centre as well as a centre of excellence for imparting training in cutting-edge technology in this sector.
Drillmec’s investment is expected to create job opportunities for about 2,500 people.
The Italian player also inked a Memorandum of Understanding with the Telangana government on Monday morning in the presence of Drillmec CEO Simone Trevisani and Telangana industries minister KT Rama Rao.
As part of the agreement, Drillmec SpA and the Telangana government’s department of industries & commerce will also be floating a special purpose vehicle (SPV) for setting up an equipment manufacturing unit.
Drillmec SpA CEO, Simone Trevisani said that the Italian player is also interested in future investment in the Hydrogen fuel project in India.
“After considering many offers from various countries, we chose Telangana as it has a progressive and investor-friendly industrial policy,” he said.
Drillmec, which has designed, manufactured and supplied nearly 600 drilling rigs for onshore and offshore applications, also offers spare parts for drilling equipment.
The company already has three manufacturing facilities in Italy, USA (Houston), and Belarus and the one in Hyderabad will be its fourth.
Drillmec was acquired by MEIL group in 2019-20 along with Petreven from Trevi Group.
