Union Minister of Heavy Industries and Steel H D Kumaraswamy on Saturday directed the officials to revive the Hindustan Machine Tools (HMT).
He gave the direction at a meeting with the top officials of HMT here .
During the meeting, the Minister had discussions with the company's Chairman and Managing Director Rajesh Kohli, along with other senior officials.
"Kumaraswamy reviewed details on turnover, net profit, and other key metrics. He also discussed the financial, production, and operational conditions of the company with the officials," a statement issued by the minister's office said.
"The once-glorious HMT is currently facing significant challenges. The Minister emphasised the need to strengthen the company and instructed Rajesh Kohli to submit a proposal to the central government for necessary support," it added.
Kumaraswamy said the revival of HMT is aligned with Prime Minister Narendra Modi's Atmanirbhar Bharat initiative "The minister encouraged the officials to adopt this vision and lead the recovery efforts, assuring them of central government assistance," the statement said.
HMT produces tools for the Department of Defense and space programs, and has manufacturing units across the country, the statement said adding, Kumaraswamy suggested that the company should enhance its capacity.
Kohli outlined the various problems HMT was facing, including financial crises, lawsuits, and overall losses. He stressed the need for central government intervention to resolve these issues.
In response, Kumaraswamy promised to address these challenges.
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