06.04.2010 - HEC Crosses 500 Crore Mark
Independent India under the leadership of Pandit Jawarharlal Nehru, the first Prime Minister of India
adopted central economic planning for the industrialization of the country. Heavy Engineering
Corporation (HEC) is one of the ambitious Industrial Projects for infrastructure development
of the country that Pt. Nehru termed ‘The Temple of Modern India. Having absorbed technology
from various sources like erstwhile USSR, and Czechoslovakia, UK, Germany, Japan and USA, HEC
proved its worth through these major contributions:
- Indigenisation and expansion of steel plants
- Modernisation of coal sector
- Saved valuable foreign exchange for the country by making import substitution products.
HEC met the expectations of the country in the nation building exercise but did not do so financially.
Due to one reason or the other, it was in the red except on three occasions i.e. during 1975-76,
1976-77 & 1988-89. But 2006 onwards the story is different. It geared up itself to rewrite its
history around its Golden Jubilee Year (2008).
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 machineries, HEC forged forward and crossed the 500 crore mark registering
an all time high gross turnover of 511.84 Cr. 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.
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. During his visit Hon’ble Minister for HI and
PE Shri Vilasrao Deshmukh in February 2010 had all praise for HEC. He assured all possible support to
HEC in its pursuit for excellence and further growth. Earlier Hon’ble Jharkhand High Court on
13.11.2009 quashed the winding up order and approved revival package of HEC. 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.
