HCL was established in 1953. It is a Public Sector Undertaking under Department of Heavy Industries, Government of India.

The Union Cabinet in its meeting held on 28.09.2016, inter alia, approved closure of the company and release of all its employees under VRS/VSS. Accordingly, all the employees were separated on 31.1.2017 and plant and machinery were also disposed of in consonance with the approval of the Union Cabinet.

All contractual and outsourced functionies engaged by HCL at it's different locations and establishments were also released on 31.03.2021 from HCL.

HCL is now closed and in a non-operating stage with no plant, machinery or employee or consultant or outsourced functionary.