Reconstruction board approves revival plan for HMT: Sources

Finally the government is considering to breathe life into the ailing HMT. The Board of Reconstruction of Public Sector Enterprises (BRPSE) has approved revival plan for the Bangalore-based company, reports CNBC-TV18 quoting sources.

It is learnt that the heavy industry ministry is likely to move cabinet note for comments and the nod is expected in two months. According to sources, heavy industry ministry has already proposed a Rs 981 crore revival plan for the company.

Under the department of heavy industries, HMT manufactures tractors and watches. During the fiscal 2011-12, the company produced 4,812 tractors and 247 food processing machines.

The Bangalore-based HMT, which is a holding company, has five subsidiaries