Ranchi-based PSU Heavy Engineering Corporation (HEC) is now seeking foreign collaboration in its newly-chosen diversification area of producing heavy underground mining equipment.
The 53-year-old heavy engineering company, which has been in the black for the last four years, is expected to be in profit in the current year too. It has already been scouting for foreign technology in two other areas: for producing rolling stock for Indian railways and making a foray into the N-energy space by producing components for nuclear reactors.
?We are now equally interested in making underground mining equipment mainly for the coal sector. We are already making equipment for opencast mining,? said HEC CMD G K Pillai, adding that it would be an absolutely new product for the engineering giant.
An HEC team had recently been to the Czech Republic and held talks with three parties, of which the director of one of the companies has already paid a visit to HEC?s works at Ranchi, while its chairman is expected to visit the country in April.
?They (all the three) are planning to come in April to visit HEC; they are showing a lot of positive interest,? said Pillai, adding that three to four types of mining equipment was being mulled by HEC for production. HEC is now busy preparing a detailed sustainable growth plan on indication from the ministry of heavy industry that it was ready to invest up to Rs 1,000 crore for its modernisation, provided the engineering major submitted a detailed plan of the areas in which it envisages to invest, such as underground mining equipment, coach/wagon making and component making for the nuclear industry, among others.
?We have to submit a detailed plan and are still working on the total plan. We may take Rs 200 crore to begin with. The ministry is ready to make investments up to Rs 1,000 crore which may be utilised in three years,” said the CMD.
Company officials? recent tour of the Czech Republic also resulted in a visit to a couple of companies that make equipment, including various vessels and reactors for nuclear establishments. According to the HEC CMD, it would take ?a year or two? before technology contracts in the nuclear area could be signed, but the company was ?keen? about it.