HMT's 5-yr plan: Submits Rs 981cr revival strategy to govt

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HMT's 5-yr plan: Submits Rs 981cr revival strategy to govt

HMT today submitted a revival plan of Rs 981 crore to the government. If the plan is accepted, it could well prove to be crucial to its turnaround plans.

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Excerpts from India Business Hour on CNBC-TV18 Watch the full show » ALSO READ See latest News about HMT See previous management interviews See what other Experts & Brokerages are saying about HMT

HMT today submitted a revival plan of Rs 981 crore to the government. If the plan is accepted, it could well prove to be crucial to its turnaround plans.

HMT's tractor division has submitted the Rs 981 crore proposal for the revival of the company. The company has sought Rs 320 crore for capital expenditure and Rs 135 crore for clearance of old liabilities.

A total of Rs 500 crore has also been sought for paying off old loans and waiver on interest rate. HMT has also asked for a pay revision. Once the proposal is approved from the ministry of heavy industries it will be sent to the Planning Commission and the finance ministry before the board for reconstruction of public sector enterprises gives a green signal to the proposal.

If the revival plan is given a go ahead, HMT expects to increase its tractor production from 10,000 units to 30,000 within five years.