Revival of HMT
Revival of HMT
HMT Ltd., the holding company has five subsidiaries under it namely, HMT Machine Tools Limited. HMT Watches Limited, HMT Chinar Watches Limited, HMT Bearings Limited and HMT International Ltd., Out of the above, 3 subsidiaries namely, HMT Watches Limited, HMT Chinar Watches Ltd. and HMT Bearings Ltd., and the Tractor Division of HMT 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 HMT machine Tools Ltd. and HMT International Ltd.