HEC set to resume social projects

Ranchi, Nov. 13: With preparations afoot to commemorate its golden jubilee year on November 15, the Heavy Engineering Corporation Ranchi (HEC) today promised that it would resume funding schools and colleges, revamp its existing hospital into a multi-speciality centre and work towards setting up of a medical college.
“HEC has been forced to put on hold many of its social projects owing to its dismal financial liquidity. That does not mean that we have shelved our responsibilities altogether. The account books are already on the right tracks . As soon as the financial reserves of the corporation improves, it stands committed to usher in a golden era for Ranchi and the state,” HEC director(personnel) M.R. Venugopal told The Telegraph.
Venugopal said that HEC had been funding many of the schools established on its sprawling campus in the Dhurwa besides carrying out a number of welfare programmes in the surrounding villages. The corporation was also funding generously the plant hospital which was regarded as one of the best in Ranchi not very long ago.
However, Venugopal appealed to all employees and trade unions to cooperate with the corporation, sink all differences and refrain from resorting to agitation and join hands to ensure a rapid turnaround of the company.
Set up in 1958 as the mother of all industries, to aid setting up of one steel plant in the country under every five year plan, the corporation was referred to Board for Industrial and Financial Reconstruction (BIFR) twice for perpetually running into losses. Finally in 2005, BIFR ordered a permanent closure of HEC and initiation of liquidation proceedings.
Things have finally begun to look up for HEC with the corporation recording net profits since 2006 onwards in addition to securing record work orders from Steel Authority of India, Coal India, Neelachal Ispat, ISRO and the railways and defence sector.
In September this year, acknowledging HEC's persistent efforts at a complete turnaround, the Centre accorded its assent for a complete financial restructuring that included writing off the central loans and raising HEC’s cash credit limits by Rs 100 crore, Venugopal said.