HEC signs MoU at St Petersburg International Economic Forum 2017 on 01 June 2017

Ranchi: 05 June 2017. The Honourable Prime Minister of India as a Guest of Honour had  led a delegation of Indian CEOs to St. Petersburg International Economic Forum (SPIEF 2017) in Russia, held on June 2, 2017.This was the first time that India as a  the guest country had the honour of its PM participating in the prestigious SPIEF 2017 event. Make in India was the focus point in the events which were held during the forum. Indian companies have been networking with their Russian counterparts following the Declaration of Strategic Partnership between India and the Russian Federation in October 2000 in New Delhi. 

 

As an important milestone in strengthening the India-Russia bilateral relations, HEC signed a very important agreement with Cascade Technologies, a joint stock company of Russia during the occasion. The MOU would lead to HEC playing an important role in the modernisation of Indian Railways. The agreement between Cascade Technologies, a joint stock company of Russia and Heavy Engineering Corporation Ltd, Ranchi of India was signed on 2nd June,2017 at St Petersburg to create joint venture for manufacture of special purpose machines for railway track repairing and maintenance. 

 

The MOU would help HEC to have a new product profile in its array as a machine tools manufacturer for the railway sector. It is pertinent to mention that HEC has been manufacturing and supplying both conventional and CNC based machine tools and components for Indian Railways. The MOU is expected to add to the portfolio of HEC as an important machine tool supplier for the Indian Railways. and it would be the biggest beneficiary since the machines will be manufactured in India as an import substitute items. 

 

Sri Avijit Ghosh, CMD from HEC side and Mr Malakhov Yuri Anatolievich, General Director from Cascade Technology signed the MOU in  the presence of  Sri Girish Shankar, Secretary, Department of Heavy Industry, Govt of India. 

 

It is pertinent to mention that the inception and growth of HEC as a mother unit/supplier of heavy engineering equipment's for steel plants and other core sector industries has been made possible with very close assistance and collaboration of former Soviet Union providing technologies.