BEML and Heavy Engineering Corporation (HEC) signed a MoU to meet the growing requirements of the mining industry. Both the companies having synergy in its product profile, will manufacture and supply products such as 'Rope Shovels & Walking Draglines' to cater to the needs of the Mining Industry.

Under this MoU, BEML & HEC will combine their rich experience and expertise in the field of manufacture and marketing of heavy engineering and mining machinery, would jointly work for Manufacturing, Marketing, Supply, Erection & Commissioning and After-Sales-Service support for the jointly identified products.

Deepak Kumar Hota, CMD, BEML, said, ''Considering the huge business prospects in the mining industry, especially in CIL, this is an opportunity to collaborate and synergize the strengths of both the organizations for producing products for the sector and effectively utilize its installed facilities. This will also help us in utilizing the existing SME ecosystem. Since, BEML is located close to Tamil Nadu; the MoU will benefit the MSME enterprises.''

Shares of the company declined Rs 10.2, or 1.14%, to trade at Rs 886.40. The total volume of shares traded was 76,186 at the BSE (10.09 a.m., Tuesday).