Hyderabad infra giant Megha Engineering to set up oil rig manufacturing plant in Telangana
India Today
Hyderabad headquartered infra giant Megha Engineering and Infrastructure Ltd (MEIL) is all set to set up an oil drilling rig manufacturing plant in Telangana and to deliver 47 oil and gas rigs worth $860 million to Oil and Natural Gas Corporation (ONGC).
Hyderabad headquartered infra giant Megha Engineering and Infrastructure Ltd (MEIL) is all set to set up an oil drilling rig manufacturing plant in Telangana and to deliver 47 oil and gas rigs worth $860 million to Oil and Natural Gas Corporation (ONGC).
MEIL has acquired Drillmec, the Italian global leader in oil and gas exploration, and the company will invest US $ 200 million in its Hyderabad manufacturing facility, which will become a Global Oil Rig Manufacturing Hub.
A Memorandum of Understanding (MoU) will be signed today in Hyderabad between Drillmec SpA, a subsidiary company of Megha Engineering & Infrastructures Ltd (MEIL) and the Department of Industries & Commerce, Government of Telangana for the establishment of a massive global oil rig and ancillary equipment manufacturing hub in Telangana.
The MoU will facilitate the creation of a global manufacturing facility with a large investment by Drillmec SpA Italy, creating a huge employment potential.
According to Telangana Govt, the facility will help in generating 4000 new employment opportunities.
Meanwhile, Drillmeck currently has a turnover of US $200 million per year.
