Coal news and updates

HEC to launch modernisation drive by FY16

October 31: HEC Ltd, a leading domestic supplier of mining equipment, aims to kick-start its modernisation drive by 2015-16, a company source told ICMW.

“The modernisation drive is long overdue. We aim to start the programme within 2015-16, ie, as soon as we get a formal approval from the government,” the source said.

Currently, the proposal is awaiting nod from the Public Investment Board, he said.

As part of the programme, the Ranchi-based company will develop capability to manufacture specialised machineries such as gear hobbing and VTB machines and ESR furnaces, most of which go into foundries and forging plants, he said.

This, in turn, would enable the company to augment its product range and quality and also reduce production costs, he added.