ISLAMABAD, Nov 25: The government has decided to upgrade and expand the Heavy Mechanical Complex (HMC) to capture business opportunities.

Presiding over a meeting on the current status and future prospects of the HMC here on Saturday, federal Minister for Industries, Production and Special Initiatives Jahangir Khan Tareen said that funding would be provided to the HMC for its up gradation and expansion.

He tasked HMC, Engineering Development Board (EDB) and Technological Upgradation and Skill Development Company (TUSDEC) to formulate a comprehensive business plan for HMC. The minister asked them to finalise the plan by Jan 15.

He said the management of HMC should try to make it more efficient and competitive.

The meeting was also attended by Industries Secretary Shahab Khawaja, EDB CEO, TUSDEC chairman, State Engineering Corporation (SEC) chairman, HMC MD and other senior officers of the ministry.

A detailed presentation was given to the minister on the objectives, status, sector-wise sales share, domestic market situation, export market, emerging business sectors, forthcoming active projects, investment plan, BMRE requirements, technology acquisition/development and training, and requirement of professionals.

The minister was also informed that annual average sales of HMC had been around Rs1 billion and major business had mostly come from the sugar sector. The SEC chairman said that to achieve the objective HMC would have to enter new high value-added business sectors by carrying out plant BMRE, acquiring new technologies and addition of professionals.