Table of Contents
When did HMT shut down?
The switch in demand to quartz watches and competition from local and foreign brands meant that the company slowly lost business, and by the 2000s was making annual losses in the millions. In May 2016, the Indian government finally shut down the watch-making business.
Where was the HMT factory first started?
HMT was entrusted the vital task of building machine tools and in 1953 the first Machine tool factory was set up in Bangalore.
Is Hindustan Machine Tools a public company?
COMPANY PROFILE Incorporated as “Hindustan Machine Tools” at Bengaluru on 7th February 1953, and popularly known as “HMT”, HMT Limited, is a Central Public Sector Enterprise of the Government of India, under the Department of Heavy Industry, Ministry of Heavy Industries.
What happened to HMT Watches?
The company’s wholly owned subsidiaries include HMT Machine Tools Limited and HMT International Limited. HMT also holds a majority stake in Praga Tools Limited (51\%). In its heyday, HMT Watches were the largest supplier of wrist watches in India. The company was closed in 2016, largely due to mismanagement, leading to heavy losses.
Why was HMT Chinar shut down?
The company was closed in 2016, largely due to mismanagement, leading to heavy losses. In the same year, the Government of India also shut down HMT Chinar Watches Ltd., HMT Bearings, and HMT Tractors.
When did HMT expand its watch manufacturing capacity in Bangalore?
In 1972, HMT expanded its watch manufacturing capacity with a set up alongside the Bangalore Factory to manufacture additional watches. In 1975, Watch factory at Bangalore was further expanded to manufacture Main Spring, Hair spring and Shock absorber components.
Who is the owner of the watch manufacturing company watchhmt?
HMT was owned by the Indian government and manufactured heavy machinery but lacked the micro-engineering knowhow required for watch manufacturing. The collaboration with Citizen was crucial for this new line of business.