Government approves Rs 1,083 crore revival plan for HMT
The Cabinet Committee on Economic Affairs (CCEA) approved Rs 1,083-crore revival package for watch and tractor maker HMT.
Objective: To modernize the company and turning the loss making company to profit-making one over five years by increasing production.
The package includes cash infusion to the tune to Rs 450 crore and Rs 630 crore non-cash aid. The cash component of the package would be used for transformation, meeting the working capital needs and for wage review. It also proposes to hike production to 30,000 units over five years, from current 4,500 units.
- Formerly Hindustan Machine Tools Limited
- State-owned manufacturing company under the Ministry of Heavy Industries and Public Enterprises in India
- HMT Limited, formerly Hindustan Machine Tools Limited, is a state-owned manufacturing company under the Ministry of Heavy Industries and Public Enterprises in India.
- Incorporation: 1953
- Headquarter: Bengaluru
- Products: Machine Tools, Tractors, watches
- Key people: S.G. Sridhar(Chairman and Managing Director)
Categories: Business & Economy Current Affairs 2017