Closure of HMT Watch Factory Ranibagh

Closure of HMT Watch Factory Ranibagh

Cabinet Committee on Economic Affairs (CCEA) in its meeting held on 06.01.2016 has approved the closure of three subsidiaries of HMT Limited including HMT Watches Limited which includes Ranibagh unit in Uttarakhand.

.As per the CCEA approval, all the employees of these companies would be offered attractive VRS/VSS package at 2007 notional pay scales with gratuity and leave encashment also at 2007 notional pay scales, in relaxation of DPE guidelines.

This information was given by Minister of State for Heavy Industries and Public Enterprises Shri G.M.Siddheshwara in reply to a written question in the Rajya Sabha today.