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HEC to focus on developing stronger in-house capabilities Print E-mail
Written by Sreekumar   
Tuesday, 16 November 2010
Ranchi: G K Pillai, CMD, Heavy Engineering Corporation Limited said that HEC needs to focus on developing stronger in-house capabilities, as the company would play an increasingly significant role in strategic sectors in the days to come. He was speaking during the foundation day celebrations of HEC.

HEC hopes to achieve a turnover of Rs 700 crore in the current financial year and is targeting a turnover of Rs 1,000 crore for 2011-12. HEC has 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.

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. What seemed impossible to create a turnover of 300 Cr at one time with old plant and machines, HEC forged forward and crossed the 500 crore mark registering an all time high gross turnover of 511.84 Cr.

In August, this year Shri. B. S. Meena, Secretary, Department of Heavy Industries, Government of India visited all the three manufacturing units of HEC and was delighted to see the infrastructure and facilities. He expressed his happiness on turnaround of HEC referring it as one of the most promising organisation under his Ministry, being run professionally by present management.

A Memorandum of Understanding was signed between Heavy Engineering Corporation Limited, Ranchi (HEC) and HMT Machine Tools Ltd. on 09.04.2010 at New Delhi, bringing the companies together to form the one of the largest Machine Tools manufacturers 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.

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.

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