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Home arrow News arrow Business News arrow Heavy Engineering Corporation, Ranchi turnover Crosses 500 Crore Mark
Heavy Engineering Corporation, Ranchi turnover Crosses 500 Crore Mark Print E-mail
Written by Rajeev   
Wednesday, 05 May 2010
Ranchi: Heavy Engineering Corporation (HEC) Ltd, Ranchi has crossed the 500 crore mark registering an all time high gross turnover of 511.84 Cr. The company has also signed an MOU with department of Heavy Industries for sales target of Rs.700 Cr. with a net profit of 36.80 Cr. for the financial year 2010-11.

With the growing performance and now having positive net worth, HEC will be able to participate in tenders and get orders from organizations such as NTPC where negative worth is a disqualifying criterion.

A Memorandum of Understanding has been signed between Heavy Engineering Corporation Limited, Ranchi (HEC) and HMT Machine Tools Ltd. on 09.04.2010 at New Delhi.

This joining together of HEC and HMT-MTL will make it, the largest Machine Tools manufacturer in the Country with the capability to design, manufacture and supply a wide range of machine tools and offer total solution to customers, from smallest to largest machine tools from a single source.

There will be a geographic expansion of market and increase in breadth and depth of product line. It will help in achieving a better position to face competition both at Domestic and International level and also to improve the export business. It will establish HEC Ltd as one of the world’s premier companies in the machine tools field.

Shri G.K. Pillai, CMD, HEC and Shri A.V. Kamat, Chairman, HMT, Machine Tools Ltd. signed the MOU in the presence of Shri Vilasrao Deshmukh, Union Minister for Heavy Industries and Public Enterprises. Also present on this occasion were Shri B.S.Meena, Secretary, Heavy Industries, Shri Harbhajan Singh, Joint Secretary, Heavy Industries, Shri Hemchandra Babu, MD, HMT-MTL and Shri S.K. Chaudhary, Director (Production), HEC.

Minister for Heavy Industries and Public Enterprises, Shri Vilasrao Deshmukh, during his visit in February 2010 assured all possible support to HEC in its pursuit for excellence and further growth.

Earlier the Jharkhand High Court, on 13.11.2009, had quashed the winding up order and approved revival package of HEC. The considerable improvement in work culture, team building, customer focus, commitment and ability to deliver in time or even ahead of schedule has helped the company for this growth and in getting approval of Govt. for implementation of 50 % DA merger.

The International Society of Automation (ISA) Delhi Section honoured Shri GK Pillai, CMD, HEC Ltd, Ranchi for his contribution to the industry in India, specially in the Process Control field. He received the citation recently in the annual meet of ISA in Delhi.

From a huge loss of 285 Cr. in 2005, it recorded 303.30 Cr. gross turn over with a marginal profit of 2.86 Cr. in 2006. It further increased its profit successively to 4.17 Cr in 2007-08, 18.37 Cr in 08-09, and 26.93 Cr. in 2009-10.

 
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