The State-owned Heavy Engineering Corporation (HEC) would invest Rs 750 crore over the next four years to modernise the plants, a top official of the company said.
“HEC plans to invest about Rs 750 crore in the next four years for modernising the existing plants,” R Misra, Chairman and Managing Director, HEC Ltd said on the sidelines of Indian Foundry Congress here today.
The plants had been commissioned in 1963 and technologies became obsolete for which modernisation was required, Mishra said.
The Ranchi-based PSU, engaged in the business of supplying components and equipment to steel, mining and metallurgy sectors, clocked a turnover of Rs 725 crore in the last fiscal.
To a query, he said the order book position of the company was Rs 1,700 crore adding that the economic slowdown had taken a toll.
HEC had also bagged a $2 million contract from Bangladesh Railways, he said.