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Revival of HMT

Delhi 

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Revival of

Ltd., the holding company has five subsidiaries under it namely, Machine Tools Limited. Watches Limited, Chinar Watches Limited, Bearings Limited and International Ltd., Out of the above, 3 subsidiaries namely, Watches Limited, Chinar Watches Ltd. and Bearings Ltd., and the Tractor Division of Ltd. have since been approved for closure with attractive VRS/VSS to their employees. These companies were chronically sick and were not in a position to even pay salary and other statutory dues to their employees. However, there is no proposal for shutting down the other subsidiaries of the Company, namely machine Tools Ltd. and International Ltd.

Ltd. has now been focusing on its core competence area of manufacturing of machine tools through its main subsidiary machine Tools Ltd. having units in Bangalore, Hyderabad, Kalamassary, Ajmer and Pinjore. Government has identified an important role for Machine Tools Ltd. in its Make in India initiative. Government has been supporting Machine Tools Ltd. In its endeavor for performance improvement.

This information was given by Minister of State in the Ministry of Heavy Industries and Public Enterprises Shri Babul Supriyo in reply to a written question in the Lok Sabha today.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 18 2017. 00:20 IST