Rig maker Drillmec SpA to set up $200 manufacturing hub in Telangana
The Hindu
R&D facility, CoE to form part of investment by Megha Engineering arm
Manufacturer of rigs for global oil and gas industry Drillmec SpA, which was acquired by Megha Engineering & Infrastructures Ltd (MEIL) Group in 2020, plans to invest $200 million on setting up a manufacturing hub in Telangana.
Establishment of a research and development facility as well as a Centre of Excellence to impart cutting-edge training will also be part of the investment. On Monday, Drillmec and Telangana government Department of Industries and Commerce entered into a memorandum of understanding for Drillmec International Hub that will manufacture oil rigs and ancillary equipment and provide employment to about 2,500 people.
A Special Purpose Vehicle is to be formed by the two sides, said a release on the MoU whose documents were exchanged by Industries and IT Secretary Jayesh Ranjan and Drillmec SpA CEO Simone Trevisani in the presence of Industries and IT Minister K. T. Rama Rao.
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