The Ranchi-based Heavy Engineering Corporation has joined hands with Bharat Heavy Electricals Ltd (Bhel) for a joint venture foundry forge company, informed an HEC official.
Abhay Kanth, HEC company secretary, said, 'HEC has a foundry and forge unit and is capable of meeting Bhel's requirements. The new company will utilize this unit, which Bhel will help modernize.'
As per the HEC company secretary, there is an order worth over Rs 100,000 Crore before BHEL in forging and casting. But its unit at Haridwar is not able to meet this demand.
HEC, on the other hand, has orders of more than Rs 2,000 Crore but lacks capital. The JV, therefore, will seek to plug the inadequacies on both sides.