Titan Bids For Hmt Watches

Leading watchmaker Titan Industries has submitted its bid for acquiring a stake in HMT Watches and HMT Chinar Watches.

In a notice to the Bombay Stock Exchange, Titan said it submitted its expression of interest to Ernst & Young today.

Ernst & Young had called for applications from companies in connection with the strategic sale of up to 74 per cent stake in HMT Watches and HMT Chinar Watches, subsidiaries of HMT Ltd.

Ernst & Young, advisers for the sale, had in an advertisement on July 3 said HMT Ltd wished to sell up to 74 per cent of its equity holding in HMT Machine Tools, HMT Watches, HMT Bearings and HMT Chinar to strategic partners along with management control. Today was the last date for submitting bids.

 

The advertisement said HMT Watches had manufacturing facilities at Bangalore (2 units), Tumkur and Ranibagh (I unit each). These units had a gross installed capacity of 7 million watches per annum and an extensive countrywide distribution network. As of 2001-02, HMT Watches had a turnover of Rs 139 crore.

HMT Chinar Watches has a manufacturing facility in Srinagar and an assembly line in Jammu. It manufactures men