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The decision to shut down HMT Watches, along with HMT Chinar Watches and HMT Bearings was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.
With a cash assistance of Rs 427.48 crore, the three loss making subsidiaries of HMT Ltd, namely HMT Watches, HMT Chinar Watches and HMT Bearings will attain closure after separation of about a thousand employees through attractive VRS/VSS and settlement of their dues, an official statement said...
The once popular watch-maker Hindustan Machine Tools (HMT) has announced plans to restart its operations at its factory premises in Ranibagh near Haldwani.