Govt approves Rs 1,083 cr revival plan for HMT

Govt approves Rs 1,083 cr revival plan for HMT New Delhi: The government Thursday approved the Rs 1,083-crore revival package for watch and tractor maker HMT that aims to modernise the company and help it turn around in five years.

The Cabinet Committee on Economic Affairs (CCEA) has approved the Rs 1,083-crore revival package of HMT, official sources said.

The package includes cash infusion to the tune to Rs 450 crore and another Rs 630 crore non-cash assistance.

The package is aimed at turning the loss making company to profit-making one over five years by increasing production, sources said.

The cash component of the package would be used for modernisation, meeting the working capital needs and for wage revision.

It also aims to hike production to 30,000 units over five years, from current 4,500 units.

PTI