Hyderabad Gets Another Global InvestmentHyderabad continues to thrive with Big Investments. Global oil and gas rigs firm Drillmec SpA has come forward to set up a manufacturing hub at a cost of $200 million (approximately Rs 1,500 crore) in the outskirts of Hyderabad.

An MOU has been signed between the Telangana Government and Drillmec SpA which is the Italian arm of Megha Engineering & Infrastructures Ltd (Meil). Meil acquired Drillmec SpA way back in 2020. The company will proved employment opportunities for around 2,500 people.

The Global hub in Hyderabad will include a manufacturing facility for oil rigs and ancillary equipment, research, and development center, and a center of excellence to impart training in cutting-edge technology.

“Drillmec SpA, Global oil-drilling rig manufacturing giant has decided to set up its manufacturing plant in #Telangana Formal MoU to be signed today. Will be investing $200 MN (₹1,500 Crore) & providing employment to 2500 people,” KTR tweeted on this occasion.