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Article: Heavy Engineering Corp, BHEL to start joint venture
- Article from:
- The Hindustan Times
- Article date:
- September 6, 2008
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Report from Indo-Asian News Service brought to you by HT Syndication.
Ranchi, Sept. 6 -- City-based Heavy Engineering Corp (HEC) and Bharat Heavy Electricals Ltd (BHEL) have signed a memorandum of understanding (MoU) to form a joint venture company that will manufacture casting and forgings.
The agreement was signed between HEC chairman and managing director G.K. PIllai and his BHEL counterpart K. Ravi Kumar in HEC campus Friday afternoon.
HEC's present unit of forge and foundry will be transferred to the new entity, to be set up on 55:50 equity participation.
The expected annual turnover of the new company, in which BHEL will invest Rs.1 billion, will be around Rs.10 billion.
"The ...