Government decided to shut three units of HMT including HMT Watches, HMT Chinar Watches and HMT Bearings by offering an attractive voluntary retirement scheme (VRS) to the employees as per 2007 pay scales scales to mitigate the hardships being faced by the employees of HMT Watches, HMT Chinar Watches and HMT Bearings and close their operations.
- Decision by: Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.
- Cabinet had earlier given in-principle approval for shutting down 5 PSUs under the Heavy Industries Ministry including the three units of HMT, Tungabhadra Steel and Hindustan Cables. It approved the individual closure proposal of Tungabhadra Steel.
About HMT: Hindustan Machine Tools Limited is a manufacturing company under the Ministry of Heavy Industries and Public Enterprises in India. The company manufactures tractors, watches under its watch division and industrial machines and tools mainly under its Praga division.
- CMD: S.G. Sridhar
- Headquarters: Bengaluru
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