MEIL's Drillmec To Set Up $200 Mn Oil Rig Manufacturing Hub In Telangana

Drillmec SpA, a subsidiary of the city-based Megha Engineering and Infrastructures Limited (MEIL) group, will be setting up its global manufacturing hub in Telangana with an investment outlay of USD 200 million, a top executive of the Italian company said on Monday.

Simone Trevisani, CEO, Drillmec and Jayesh Ranjan, Principal Secretary (Industries), Telangana government signed a MoU for the establishment of Drillmec International Hub for manufacturing oil rigs and ancillary equipment in the state.

"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, Trevisani said.

This manufacturing hub creates employment opportunities for around 2,500 people and the first rig from the facility is expected to roll out in the next nine months, he said.

Presently, Drillmec has manufacturing and assembling facilities in Italy, Belarus and USA.

He said the company is currently having orders worth USD 1 billion on hand to be delivered in the next 24 months.

Drillmec clocked USD 220 million revenues during the last financial year and expects to earn USD 450-500 million this year, a senior executive of the company said.

Drillmec has so far delivered close to 600 drilling rigs and 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 MEIL group in 2020.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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