The Cabinet Committee on Economic Affairs (CCEA) has approved the revival package of HMT amounting Rs 1,083 crore. The package is aimed at turning the loss making company to profit-making one over five years by increasing production. It also aims to hike production to 30,000 units over five years, from current 4,500 units.
The package of Rs 1,083 crore includes cash infusion to the tune to Rs 450 crore and Rs 630 crore as non-cash assistance. The cash component of the package would be used for modernization, meeting the working capital needs and for 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.
| Company Name | CMP |
|---|---|
| BHEL | 382.90 |
| Thermax | 4740.55 |
| Kirloskar Oil Eng | 1925.95 |
| Skipper | 549.40 |
| GMM Pfaudler | 778.00 |
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