The Union Cabinet
chaired by the Prime Minister Shri Narendra Modi has given its approval
for Monetisation of land not currently in use by Heavy Engineering
Corporation (HEC) Limited, Ranchi, through transfer of 675.43 acres of
HEC land to the Jharkhand Government. It would help in raising Rs.
742.98 crore to HEC and the money would be utilised for liquidation of
employee related statutory dues viz. Gratuity, PF, Leave encashment and
other retirement benefits to the retired employees. The money will also
help HEC to liquidate its Government dues, bankers' dues and other
The transfer of land will also meet the requirements of Jharkhand
Government for its Smart City project and other development projects in
the State capital in the larger public interest.