By IANS,
Ranchi: Heavy Engineering Corporation (HEC), a public sector firm based here, will become a Navratna company and get listed on a stock exchange, union Heavy Industries Minister Vilasrao Deshmukh said Saturday.
“HEC has everything to become a Navratana company. For last three successive years, HEC is posting profits. The profit margin could be small but it has all the potential to become a Navratna company,” he told reporters.
“Listing HEC with stock exchange is a priority,” Deshmukh said.
Deshmukh was in Ranchi to review the work of HEC. Set up in 1958, it was a dream company of first prime minister Jawaharlal Nehru.
“HEC has all the potential but it is not getting the work order from railways, defence and others. We will approach railways and defence to give work order to HEC,” Deshmukh said.
Asked about a special package for HEC, he said: “The CMD (chairman-cum-managing director) of the company has been asked to prepare proposal for upgradation of machines. We will approach the Planning Commission to seek a special package for HEC. The firm is based in one of the most backward areas of a tribal-dominated state and it deserves to get a special package to strengthen it.”
The minister also said that the financial health of the company would improve if the state government cleared the money it owed HEC. “The state government owes Rs.160 crore to HEC. If the state government clears the due then it will help the company.”