The Heavy Engineering Corporation (HEC) and Bharat Heavy Electrical (Bhel) will sign a memorandum of understanding for a proposed joint venture on September 6, according to HEC sources here.
As per the tie-up for the new joint venture, Bhel would use the HEC's foundry forges plant, and the companies would have equal participation in the venture, the sources added.
Union Minister Santosh Mohan Deb, Jairam Ramesh and Subodh Kant Sahai would be present during the signing of MOU.
Chairman-cum-managing director of the HEC, G K Pillai, and the top officials of the Bhel would represent their respective companies during the signing of the MOU.
Once listed as loss-making public sector company, HEC has made a turnaround, getting profitable turn-key projects.