Rs. 100 cr. sought to revive HMT Watch Factory

TUMKUR, MARCH 3. The HMT Officers' Association has sought a grant of Rs. 100 crore from the Centre to revive the watch company.

The association Secretary, K.V. Prakash, told presspersons here on Tuesday that the amount was needed to settle eight months' salary and other statutory dues to 833 employees who had opted for voluntary retirement.

Mr. Prakash said the prestigious unit was started here in 1977 on a 125-acre plot to produce two million wristwatches. Quartz analog watches were being made now.

Mr. Prakash said excepting the original investment of Rs. 34 crore, the unit had not received any grant from the Centre to this day.