HMT targetting turnover of about Rs 350 cr a year

Public Sector Hindustan Machine Tools (HMT) is eyeing a turnover between Rs 325 crore and Rs 350 crore a year to break even, a top official has said.

The company was targettng anywhere between Rs 325 to Rs 350 crore in the first year, HMT Chairman and Manging Director, G K Pillai, told reporters here yesterday.

HMT's current turnover was only about Rs 200 crore, he said.

The country's machine tools market was worth Rs 8000 crore of which only Rs 1500 crore was Indian contribution and the remaining demand was met by imports from Germany, China , Spain and East Europe.

Pillai, who was on his first visit at the Kalamassery unit here after taking charge, said HMT would make use of its brand image to turn around and make profit in 2011-12 fiscal.