Govt wants to revive HMT Machine Tools, Heavy Engg Corp
Government is eyeing revival of loss-making Ranchi-based public sector firm Heavy Engineering Corporation (HEC) and HMT Machine Tools Ltd, in view of their “strategic” importance.
“Having closed down three of its subsidiaries, we are now looking to revive HMT Machine Tools as it is in the strategic sector. The other is Heavy Engineering Corporation, Ranchi which is again into core sector as it has applications in nuclear and defence areas,” a senior official of Department of Heavy Industry said.
Machine tools is a strategic industry which determines the manufacturing competitiveness in important sectors such as automobiles, heavy electrical equipment, defence, aerospace and consumer goods and other sectors. They play a vital role in countering technology denial in strategic sectors such as defence production, nuclear, etc. Government had decided to close three unviable units of HMT including the once popular HMT Watches, along with HMT Chinar Watches and HMT Bearings, by offering a voluntary retirement scheme (VRS) to employees.
The Cabinet Committee of Economic Affairs (CCEA) had approved financial assistance and other measures for HMT Machine Tools Limited in 2014.
HMT Machine Tools Limited was carved out as a subsidiary of HMT Ltd (having 100 per cent shareholding) in the year 2000 with its head office in Bangalore. The company has facilities for manufacturing various types of machine tools and printing machines in its units located at Bangalore, Pinjore, Kalamassery, Hyderabad and Ajmer.
Heavy Engineering Corporation Ltd is one of the leading suppliers of capital equipment in India for steel, mining, railways, power, defence, space research, nuclear and 0strategic sectors.