Drillmec to invest $200 million in setting up global oil rigs manufacturing hub in Hyderabad

Italian oil and gas rigs manufacturerDrillmec SpA, which is 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 ,Drillmecwill 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. Drillmecs investment is expected to create job opportunities for about 2,500 people.

The Italian player also inked a Memorandum

of Understanding with theTelanganagovernment on Monday morning in the presence of Drillmec CEO Simone Trevisani and Telangana Industries ministerKT Rama Rao.

As part of the agreement, Drillmec SpA and the Telangana governments 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 the Italian player is also interested in future investment in the Hydrogen fuel project in India.