Ranchi, Jan. 6: Continuing its last year’s tryst with laurels, Heavy Engineering Corporation (HEC) opened its New Year success account with an Indian Nuclear Society (INS) Industrial Excellence award.
The award was conferred on HEC for its contribution to the nuclear energy sector by the former chairman of the Atomic Energy Commission, Anil Kakodkar, at a glittering ceremony in Chennai on Monday. HEC chairman cum managing director G.K. Pillai received the award.
This is the second such award conferred on HEC in the last three months. Prime Minister Manmohan Singh had conferred the prestigious Standing Conference of Public Enterprises (SCOPE) award on HEC at Vigyan Bhavan for good corporate governance on October 15.
“It is a proud moment for HEC, which was once dubbed as a perennially sick company. The award is a tribute to HEC workers and executives who have displayed excellent team spirit in turning around the corporation despite being burdened by old plant and machinery,” Pillai told The Telegraph over the phone from Chennai.
In 2004, HEC had faced a virtual closure after the Board for Industrial and Financial Reconstruction ordered a permanent shut down of the firm to stop further bleeding of the state coffer. The firm has silenced its critics by achieving record net profits figures in the past three fiscals.
HEC’s net profits rose from Rs 2 crore in 2006-07 to Rs 4.17 crore in 2007-08 while it broke its previous records by climbing the Rs 16.11-crore figures for the 2008-09 fiscal.