Govt has no proposal to revive HMT units

By | March 1, 2016

HMT units

The Government has no proposal to reopen/revive the loss making closed HMT unit in the country particularly, Ranibagh at Nainital.

As per the CCEA approval, all the employees of three HMT subsidiary companies namely HMT Watches Ltd., HMT Chinar Watches Ltd., and HMT Bearings Ltd would be offered attractive VRS package on 2007 notional pay scales with gratuity and leave encashment also at 2007 notional pay scales, in relaxation of DPE guidelines.

This information was given by Minister of State in the Ministry of Heavy Industries and Public Enterprises, Shri G.M. Siddeshwara in a written reply in Lok Sabha today.

Source Ministry of Heavy Industries & Public Enterprises 01-March, 2016

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