HEC will sell 500 acres of land to raise Rs 5500 crore
Jagran correspondent, Ranchi. HEC i.e. Heavy Engineering Corporation Limited, which is called the mother of industries in the country, is now taking help of its land to save itself. The management of the company, which is facing financial crisis, has prepared a proposal to sell its land to the smart city. The management has sought permission from the Ministry of Heavy Industries and the State Government.
If permission is granted, it will sell 1000 acres of land in the first phase. There were also talks between HEC and smart city management regarding the sale of land. Smart city management had asked for 500 acres of land from the company. If the case is finalized, HEC will get about Rs 5500 crore in lieu of 500 acres of land. With this, the outstanding work of the employees and modernization work can be done.
HEC management had sold a total of 2342.03 acres of land to the state government in the year 2009. A new township is being developed on this. Smart City Township is also on 656 acres of land. Now if 500 acres of HEC land is added to this, residential and commercial areas will also be able to develop. Smart City project is being developed as an education hub in HEC area, whereas, Assembly, Raj Bhavan, High Court has come up in Greater Ranchi.
Preparations are underway to build a new secretariat and residence for officers and employees. Apart from this, HEC management has allotted 158 acres of land to CISF. Apart from this, 313.31 acres of land has been given on lease. HEC currently has about 3500 acres of land. With the availability of land, new population can be settled.
Central government pulled out, now properties are the last option
According to sources, the Central Government has clearly told the HEC management that now no new economic package will be given to it. The central government has given a total of Rs 4400 crore as economic package in different installments between 2005 and 2017.
BIFR (Board for Industrial Aid Financial Reconstruction) had recommended closure of HEC in 2004 itself, but it was saved by giving a revival package. Now the management is left with no other option but to raise funds by selling its fixed assets.
Price fixed at Rs 11.50 crore per acre
HEC management has started the survey work of its vacant land. The price of land has been fixed at Rs 11.50 crore per acre.
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