Modi government decides to shut 3 HMT units, offer VRS to employees

Government has decided to close three unviable units of HMT including the once popular HMT Watches, along with HMT Chinar Watches and HMT Bearings, by offering an “attractive” voluntary retirement scheme (VRS) to the employees as per 2007 pay scales.

“With a cash assistance of Rs 427.48 crore, the three loss making subsidiaries of HMT Ltd, namely HMT Watches, HMT Chinar Watches and HMT Bearings will attain closure after separation of about a thousand employees through attractive VRS/VSS and settlement of their dues,” an official statement said.

The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi here.

Read More