HEC to invest Rs.750 crore in modernising plants

Last Updated: Tue, Jan 29, 2013 12:30 hrs

Kolkata, Jan 29 (IANS) Public sector Heavy Engineering Corporation (HEC) has chalked out a plan to invest around Rs.750 crore in the next four years to modernise its plants, a top company official said Tuesday.

"We are planning to invest about Rs.750 crore in the next four years," Chairman-cum-Managing Director R. Misra told reporters on the sidelines of the Indian Foundry Congress here.

The investment would be made for technological renovation in its old plants in Ranchi, commissioned in 1963.

The company, which is mostly in the business of supplying components and equipment to steel, mining and metallurgy sectors, clocked a turnover of Rs.725 crore last fiscal.

It is now facing some delay in getting new orders as the country's steel and mining sectors have witnessed a slowdown.

"Now our outstanding order book is Rs.1,700 crore. But there is some slow down in getting new orders as the economy is going through a downturn," Misra said.

HEC last year bagged an order of about $2 million from Bangladesh for supplying special purpose machine tools to Bangladesh Railways.

"The order is under execution," he added.

More from Sify: