The state-owned Heavy Engineering Corporation (HEC), Ranchi has set the target to double its turnover and profit in the financial yearv 2011-12 over last year.
Union heavy industry secretary S Sundareshan who reviewed the performance of the company with the senior officers headed by CMD G K Pillai said here that he had firm belief HEC would achieve a turnover and a net profit to the tune of Rs 1,000 crore and Rs 600 crore respectively during financial year 2011-12.
He said that in the coming years HEC would not require any Central aids as the company was performing well and would be able to generate its fund to undertake expansion and much-needed modernization of the existing plants and machineries.The Union secretary told Business Standard that there were some loss-making units under the ministry of heavy industries and public enterprises. The Centre had already taken a decision not to allow any loss-making units to privatize or sell. The government would rather extend financial help to the sick units to build them profit-making.
The Union secretary said that the department of heavy industry had decided to appoint a consultant to revive five subsidiary companies of HMT.
