HMT enters into MoU with Fraunhofer for technology upgradation

HMT has entered into a Memorandum of Understanding (MoU) with a German company, Fraunhofer for technology upgradation. The company is aiming for a turnover of Rs 5,000 crore in 2020 and plans to double it by 2025. Furthermore, the company is in a revamping phase and plans to cut down number of employees from 4,500 to 1,500 in coming months. The company is also planning to shut down its unviable subsidiaries - HMT Watches, HMT Chinar watches and HMT Bearings.

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.