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Home arrow News arrow Business News arrow Sanctioned Revival Scheme for HMT Machine Tools to be completed by 2011-12
Sanctioned Revival Scheme for HMT Machine Tools to be completed by 2011-12 Print E-mail
Written by Krishna Kumar   
Friday, 17 July 2009
New Delhi: Shri Arun Yadav, Minister of State in the Ministry of Heavy Industries and Public Enterprises today  informed that the sanctioned revival Scheme for HMT Machine Tools Ltd. is to be completed by 2011-12. Revival Packages for HMT Machine Tools Ltd. at a cost of Rs.880.80 crore has already been sanctioned.

Revival Packages for HMT Bearings Ltd. for Rs.51.37 crore and Praga Tools Ltd. for Rs.214.71 crore have also already been sanctioned. The Sanctioned Revival Scheme for HMT Bearings Ltd. is to be completed by 2010-11 and for Praga Tools Ltd. it has already been completed.

For rest of the loss making subsidiary companies, final decision for their revival is yet to be taken.

Hindustan Machine Tools Limited (HMT) - HMT and its subsidiaries except HMT International Ltd. have been incurring losses.

The HMT Group of Companies registered a loss of Rs. 259.17 crore during 2006-07, Rs. 300.15 crore during 2007-08 and Rs. 353.57 crore during 2008-09.

According to the information provided by the minister, in a written reply to a question in the  Lok Sabha today, the reasons for sub-optimal performance are recessionary trend in the global scenario, outdated product technology, old plant and machinery and high level of attrition in critical areas.

Last Updated ( Friday, 17 July 2009 )
 
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