State-run Bharat Heavy Electricals today said it has formed a 50:50 joint venture with Heavy Engineering Corporation to manufacture castings and forgings.
"BHEL and HEC have formed a 50:50 joint venture company to manufacture castings and forgings business," a company statement said.
The companies signed the memorandum of understanding at Ranchi in Jharkhand today. Minister of State for Power Jairam Ramesh and Jharkhand Chief Minister Shibu Soren were also present at the occasion, it said.
The new JV company would manufacture castings and forgings required by the two units of HEC -- Heavy Machine Building Plant and Heavy Machine Tools Plant.
