Kumaraswamy holds meeting with officials to revive ailing HMT, make it 'Atmanirbhar'
The Union minister held a meeting with HMT Chairman and Managing Director Rajesh Kohli along with other officials
Union Minister of Heavy Industries HD Kumaraswamy has directed the officials to prepare a detailed report for the revival of Hindustan Machine Tools (HMT) in Bengaluru.
Kumaraswamy, a former Karnataka Chief Minister, held a meeting of the top officials of HMT in Bengaluru on Saturday (June 22) and discussed in detail the measures the government may initiate for the revival of HMT.
The minister held a meeting with HMT Chairman and Managing Director Rajesh Kohli along with other officials. A presentation was also held to facilitate comprehensive information about the company’s work. Kumaraswamy reviewed details on turnover, net profit, and other key metrics. He also discussed the financial, production, and operational conditions of the company with the officials.
Assures necessary aid
The minister said the revival of HMT is aligned with Prime Minister Narendra Modi's Atmanirbhar Bharat initiative. He encouraged the officials to adopt this vision and lead the recovery efforts, assuring them of central government aid.
At present, apart from watches, HMT produces tools for the department of defence and space programmes. Though the company has manufacturing units across the country, the company’s capacity is low. HMT is facing several challenges like financial crises and lawsuits.
Kumaraswamy, however, suggested that the company should enhance its capacity. The minister emphasised the need to strengthen the company and instructed Kohli to submit a proposal to the Central government for necessary support.
History of HMT
In 2018, the Karnataka government handed over the land owned by HMT to ISRO.
The then NDA government decided to shut HMT, which was spread over 120 acres of land next to the APMC market in Bangalore. Even though Prime Minister Narendra Modi was busy with his 'Make in India' campaign, the demand for products of a strictly Indian firm, HMT, had been dwindling. In 2016, the central government reached a decision to close HMT and HMT Bearings. Subsequently, 109.32 acres of land owned by the company was handed over to ISRO by the then Deputy Chief Minister Dr Parameshwar.
However, HMT watch units were functioning at four locations namely Srinagar, Bangalore, Tumkur and Ranibagh. The factory at Tumkur was established in 1978 as the fourth unit and was known as the most active one. The Tumkur unit, which had a production capacity of about 20 lakh watches per year, employed 2,200 workers. It provided employment to more than 10,000 workers through contracts.
(The article was originally published in The Federal Karnataka)