The Cabinet Committee on Economic Affairs (CCEA) on Wednesday January 06,2016 announced
closure of HMT Watches Ltd., along with HMT Chinar Watches Ltd. and HMT
Bearings Ltd.
Though the Union government has announced the closure of HMT Watches
Ltd., it is likely to take another three to four months for the
procedure to be completed and for the units to be formally closed.
However, the production of new watches is likely to be stopped
immediately.
The iconic watchmaker, who took pride in being the country’s timekeeper,
will finally stop ticking. Bringing curtains down on the uncertainty
over the HMT Watches Ltd., which once held monopoly in watch market in
the country
Most of the 923 employees of HMT Watches Ltd. spread over its three
units in Bengaluru and Tumakuru in Karnataka and Ranibagh in Uttarakhand
are ready to accept the Voluntary Retirement Scheme (VRS) package
offered and end their service to the watchmaker. HMT Chinar Watches
Ltd., the unit in Srinagar (Jammu and Kashmir), earlier part of HMT
Watches Ltd., has about 40 employees. According to Union sources, they
too are ready to accept the VRS package.
None of the 923 employees has more than eight years of service left. Most of them are on the verge of retirement as the last person recruited by HMT Watches Ltd. was in 1987, almost three decades ago.
Of the four units, only Tumakuru unit is still functional producing watches for institutional order
None of the 923 employees has more than eight years of service left. Most of them are on the verge of retirement as the last person recruited by HMT Watches Ltd. was in 1987, almost three decades ago.
Of the four units, only Tumakuru unit is still functional producing watches for institutional order
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