The Cabinet Committee on Economic Affairs (CCEA) is likely to consider an over Rs 1,000-crore revival package for HMT, a public sector company, on April 18, 2013. As per the proposal, the company will get cash infusion of around Rs 450 crore and non-cash assistance of around Rs 630 crore. The entity will use the cash infusion for modernization, technology up gradation and working capital, while part of that will be utilized for meeting expenditure on the 1997 wage revision.
HMT manufactures engineering goods like machine tools, watches, tractors, printing machines, die casting and plastic processing machinery, metal forming presses and bearings. It manufactures Mechanical and Quartz Analog watches. The manufacture of wristwatches started as part of diversification strategy of HMT in the year 1962, under Technical collaboration with CITIZEN Watch Company of Japan with a manufacturing unit at Bangalore.
