Member of Parliament S.P. Muddahanumegowda has said that the land of HMT(Hindustan Machine Tools) Watches Limited in Tumakuru will be handed over to the Indian Space Research Organisation (ISRO) by the end of August, 2017.
He told reporters on the premises of HMT on Saturday that 2,154 employees were working in the company in Tumakuru and now HMT is history. The machines and furniture of the factory were disposed through auction. ISRO has already given Rs.100 crore to the Union government for the land and the remaining Rs.1,500 crore will be paid phase wise. ISRO’s centre will be established in Tumakuru on the land of HMT Watches Limited.
HMT Watches Limited in Tumakuru city was closed down on April 30, 2016. The company was started in 1979 with 2,100 employees and 22 assembly ancillary units. It was making profits till 1993. The factory had produced 3.95 crore watches worth Rs.1,353 crore till 2013-14.
