MANISH GUPTA
Ranchi, Aug 3: The fate of the six-decade old Heavy Engineering Corporation Ltd (HEC) rests on the report of NITI Aayog to be discussed at a meeting coming Sunday between the Prime Minister-led Cabinet and the NITI Aayog.
“On August 7, there is a meeting between the Cabinet and the NITI Aayog to assess the current situation of the HEC and the possibility of its revival. All will depend on the report to be filed by NITI Aayog,” Ranchi MP Sanjay Seth told lagatar24.com.
Seth, who has been instrumental in taking up the issue of reviving the HEC for several years, said that his effort will be to revive the company and bring some big investment to make it profitable and competitive. However, he is not sure about the chances.
“HEC is a heavily loss-making corporation. It has incurred losses to the tune of Rs 1,000 crore to Rs 1,200 crore. I would like the revival of HEC but the fate of the 62-63 year old company depends on what NITI Aayog thinks right,” said the BJP Parliamentarian.
It may be noted that after the completion of the last financial year this March, HEC CMD Nalin Shinghal was asked to submit an assessment report about the current state of the corporation, its usefulness and its competitiveness in the current market scenario.
Another BJP leader who has been actively trying to revive HEC, one of the oldest public sector undertakings (PSUs) of the country, is former Rajya Sabha MP Mahesh Poddar. He has even recommended several ideas on how to revive HEC in the past.
“The proposal to set up a factory for railway stainless steel coaches in Kerala has been pending for long. This can be produced here at HEC. The corporation has a huge chunk of land, there’s a railway siding, and there are roads, colony and power,” Poddar said.
He said that HEC is still getting orders for spares from old clients but considering the size of the factory the orders are insignificant and dwindling. Even its capacity to build steel plants is now redundant as its technique and design are obsolete, he added.
“The objective should be to utilise this large national asset in the national interest and not let it remain idle. If it is revived with the same or new product lines, jobs will be protected and if not, the employees will get a good VRS package, and the asset will be utilised to create new jobs and wealth in the country,” Poddar said.
