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Friday, April 06, 2012 8:43:43 PM (IST)  

Bangalore: Rs 950 Crore Package Mooted for HMT Revival

From Our Special Correspondent
Daijiworld Media Network - Bangalore

Bangalore, Apr 6: The Board for Reconstruction of Public Sector Enterprises (BRPSE) has recommended a Rs 950 crore package for the revival of the ailing HMT Ltd back to health.

The package is aimed at financial restructuring, upgrading technology, upgrading of plant and machinery and modernisation.

The revival package envisages selling off surplus land available with HMT worth about Rs 400 crore.

HMT Ltd, which is under the Department of Heavy Industries, has been engaged in the business of manufacturing tractors and watches.

The revival package proposes enhancement of retirement age of the company’s employees to 60 years from 58 years and also revision and implementation of pay package as per the 2007 scale.

At present, the retirement age of employees of a sick public sector undertaking (PSU) is 58 years and most of them get salary as per the 1992 scale, whereas their counterparts in healthy government-owned firms get pay and allowances as per 2007 scale and they retire at 60 years of age.

During the fiscal 2011-12, the company produced 4,812 tractors and 247 food processing machines.

The Bangalore-based HMT Ltd, which is a holding company, has five subsidiaries - HMT Watches, HMT Chinar, HMT Machine Tools, HMT Bearings and all are sick.

The revival plan for these companies is under consideration of the government.

However, HMT International is profitable unit of HMT Ltd. During 2010-11, HMT Ltd loss rose to Rs 79.24 crore from Rs 52.91 crore last year.

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