It is reported that public sector engineering enterprise Mecon Ltd is considering diversification into solar energy, wind and nuclear power as also defense production.
The company currently functions in three operational verticals metals, oil & gas and infrastructure.
According to the MECON's perspective plan document, it is looking for cooperation agreement with a few other public sector engineering companies, such as Bridge & Roof Co and Hindustan Steelwork Construction Ltd, Garden Reach Shipbuilders & Engineers Ltd, Engineers India Ltd and Engineering Projects India Ltd.
For EPC assignments it is in talks with Bridge & Roof and HSCL for collaborative association in civil and structural work. It has also mooted the idea of working as a consortium with the two. It has sought Garden Reach Shipbuilders' assistance for supply of critical equipment.
In the oil and gas space it wants to partner EIL for detailed engineering and consultancy for long distance pipelines and utility services in a refinery.
MECON witnessed a jump in net profit, net worth and order book in FY2011. It recorded a net profit of INR 93.69 crore as against INR 82.62 crore in the previous fiscal, while its net worth reached INR 203.97 crore. It procured business worth INR 627.65 crore in 2010-11 as against INR 125.62 crore in 2009-10.
