4th September, 2002
Ministry of Steel  


MECON ASKED TO EXPAND BUSINESS


MECON LTD is striving hard to downsize its manpower and optimise its cost cutting measures. It has diversified its services to non-steel sectors and now cover varied fields like infrastructure, power plants and power distribution, oil and gas, environment engineering, defence and mining related jobs, ocean engineering and ports and material handling. It has collaboration agreement with leading firms of USA, Germany, France, Italy and Russia. The company is trying its best to bring about a rapid turn around, briefed Shri R.K. Zaroo, acting CMD, MECON, in a periodic review meeting taken by the Minister of Steel, Shri B.K. Tripathy, here today.

The Minister pointed out that the turnover of the company has been stagnating. However, the gross loss and net loss have come down during the 1st quarter of this fiscal compared to that of the same quarter last year. The Minister asked MECON to take all possible measures to bring down losses which may stand in the way of getting new work orders. He emphasized on cost-cutting measures and mobilize optimal resources to meet the growing challenges of business. He advised MECON to accept major work orders with comfortable margins amidst high competitive environments.