The government, on Thursday, approved the Rs.1,083-crore revival package for HMT, which aimed to modernise the company and help it turned around in five years.

The Cabinet Committee on Economic Affairs (CCEA) has approved the Rs.1,083-crore revival package of HMT, official sources said.

The package comprises cash infusion to the tune of Rs.450 crore and non-cash assistance of Rs.630 crore.

The package was aimed at turning the loss making company to profit-making one over five years by increasing production, sources said.

The cash component of the package would be used for modernisation, meeting the working capital needs and for wage revision.

It also aimed to hike production to 30,000 units over five years, from the current 4,500 units. — PTI