The Board for Reconstruction of Public Sector Enterprises (BRPSE) has recommended a revival package worth of Rs 950 crore for the ailing state-owned HMT. The package is aimed at financial restructuring, upgrading technology, upgrading of plant and machinery and modernization. The sick public sector unit (PSU) would also garner about Rs 400 crore from sale of its surplus land.
Recently, the Direct Taxes Regional Training Institute (DTRTI) was mulling to purchase HMT’s 20 acres land for establishing global taxation training centre in Bangalore. This land would be adjacent DTRTI’s new campus in the city HMT, which is under the Department of Heavy Industries, has been engaged in the business of manufacturing tractors and watches.
The Bangalore-based HMT, which is a holding company, has five subsidiaries- HMT Watches, HMT Chinar, HMT Machine Tools, HMT Bearings and all of them are sick. The revival plan for these companies is under consideration of the government. However, HMT International is profitable unit of HMT.
