Revival/Restructuring of Heavy Engineering Corporation Limited, Ranchi

The Cabinet Committee on Economic Affairs today approved providing a grant of Rs. 182.43 crore to Heavy Engineering Corporation Limited (HEC) for meeting the capital gains tax liability arising out of implementation of its revival package.

HEC has set an example of turnaround after the revival package was sanctioned by the Government in December, 2005. The Company, which could make profits only in the years 1975-76, 1976-77 and 1988-89 since its inception in 1958, has been making profits for the last five years consecutively and is growing at a good pace.