HMT To Close Down Three Units

hmt 222The Central Cabinet Committee on Economic Affairs (CCEA) put its seal on the closure of three units of the Hindustan Machine Tools (HMT). Hence with the approval of CCEA HMT Watches, and HMT Bearings will be closed. Payments will be made to the employees of these three units under VRS and VSS provisions. The CCEA says an amount of Rs. 477.48 crores has been earmarked for this purpose. Payments will be made according to 2007 pay scales to those employees who opted for Voluntary Retirement. The assets of the company will be disposed according to the rules of the government.

Medaram Jathara

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