Megha's Drillmec plans $200-mn mfg hub in Hyd
Drillmec International Hub will comprise oil-drilling rigs manufacturing unit, R&D, a CoE on training
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Hyderabad: In a significant development, Drillmec SpA, a subsidiary of city-based infrastructure major Megha Engineering & Infrastructures Limited (MEIL) and a leader in oil-drilling rigs manufacturing, is establishing its global manufacturing hub in Hyderabad with an investment of $200 million.
The proposed manufacturing hub, which is expected to generate 2,500 jobs, comprises a manufacturing facility and a Centre of Excellence to impart cutting-edge training to people. The company will also undertake research and development here.
On Monday, Drillmec has inked a memorandum of understanding (MoU) with the Telangana government for setting up Drillmec International Hub for manufacturing oil rigs and ancillary equipment in Telangana. Simone Trevisani, CEO, Drillmec SpA and Jayesh Ranjan, Principal Secretary, Industries, Telangana, signed the MoU in the presence of Telangana Industries Minister KT Rama Rao. The company already has three manufacturing facilities in Italy, USA (Houston), and Belarus
Speaking on the occasion, Simone Trevisani, CEO, Drillmec SpA, explained, "The Hyderabad manufacturing hub will focus on rig manufacturing and ancillaries. This facility also sets up the R&D and training Centre of Excellence. After considering many offers from various countries, we choose Telangana, India, as it has a progressive industrial policy and investor-friendly environment".
We are interested in future investment in the Hydrogen fuel project in India, he added.
Drillmec SpA and Department of Industries & Commerce, Telangana, will float a special purpose vehicle (SPV) for the setting up of an equipment manufacturing unit.
Drillmec SpA is a leading player in 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. It delivered close to 600 drilling rigs and has an order book of $1 billion. The company, which was incorporated under the laws of Italy having its registered office at Podenzano PC, Italy, was acquired by MEIL group in 2020.
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".
