HEC faces financial crisis: Outstanding dues soar to Rs 1500 Crore

Ranchi: The financial distress of Heavy Engineering Corporation (HEC) has deepened, with outstanding dues soaring to a staggering Rs 1500 crore. The management has recently communicated this dire situation to the Ministry of Heavy Industries. Simultaneously, various government departments are intensifying their efforts to pressurize HEC into clearing its outstanding payments.
The Electricity Department, in a recent communication to HEC management, has urged the settlement of an outstanding amount of Rs 180 crore within 15 days. The letter warned of potential electricity disconnection if the payment is not made promptly. Further compounding the financial challenges, the Water Supply Department has also issued a demand for HEC to settle an outstanding amount of Rs 15 crore.
HEC is grappling with financial obligations on multiple fronts, including 18 months’ worth of outstanding salary for vendors and employees, unpaid gratuity, provident fund (PF), among other financial commitments. Furthermore, letters from raw material suppliers and the Central Industrial Security Force (CISF) have been received by HEC, urging prompt settlement of dues.