Telangana govt, Drillmec SpA ink MoU; to invest Rs 1,500 crore

The company will set up its plant to manufacture oil rigs, ancillary equipment.

By Newsmeter Network  Published on  31 Jan 2022 6:19 AM GMT
Telangana govt, Drillmec SpA ink MoU; to invest Rs 1,500 crore

Hyderabad: Italy-based Drillmec SpA, a Global oil-drilling rig manufacturing giant, has decided to set up its plant in Telangana. Telangana government and Drillmec SpA entered into a Memorandum of Understanding (MoU) for setting up an International Hub for manufacturing oil rigs and ancillary equipment in Telangana.

The company will be investing $200 million (Rs 1,500 crore) which will provide employment opportunities to 2500 people in the state.

Drillmec SpA is a global leader in the 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.

Drillmec SpA CEO Mr. Simone Trevisani and Principal Secretary IT and Industry, Government of Telangana Jayesh Ranjan signed the MoU in presence of IT and Industries Minister KT Rama Rao.

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