HMT Limited

HMT Limited
FormerlyHindustan Machine Tools Limited
Company typePublic
BSE: 500191
NSE: HMT
Industry
Founded7 February 1953; 71 years ago (1953-02-07)[1]
FounderGovernment of India
Headquarters59, Bellary Road,
Bangalore, Karnataka
,
India
Key people
S. Girish Kumar (Chairman & MD)[2]
Products
  • Machine tools
  • Printing machinery
  • Food processing machinery
  • Watches
  • Tractors
  • Bearings[3]
RevenueIncrease ₹32.10 crore (US$3.8 million) (2018)
Increase ₹3.67 crore (US$440,000) (2018)
Increase ₹−7.164 crore (US$−860,000) (2018)
Total assetsDecrease ₹1,323 crore (US$160 million) (2023)
Total equityDecrease ₹100.29 crore (US$12 million) (2018)
OwnerGovernment of India (93.68%)[4]
Number of employees
1,742[1] (2018)
Subsidiaries
  • HMT Machine Tools Limited (100%)
  • HMT International Limited (100%)
  • Praga Tools Limited (51%)
  • Closed subsidiaries:
  • HMT Watches Limited (100%)
  • HMT Chinar Watches Limited (100%)
  • HMT Bearings Limited (97.25%)[5]
Websitewww.hmtindia.com

HMT Limited, formerly Hindustan Machine Tools Limited, is an Indian state-owned electronics company under the control of the Ministry of Heavy Industries, Government of India.[6] It was founded in 1953 as a machine tool manufacturing company, diversifying into watches, tractors, printing machinery, metal forming presses, die casting and plastic processing machinery, and CNC systems and bearings. HMT is headquartered at Bangalore.

The watch making division, HMT Watches, opened in 1961. During the 1970s and 1980s HMT was the largest supplier of wrist watches in India, with popular styles including Janata and Pilot. The division closed in 2016, largely due to mismanagement leading to heavy losses.[7][8] In the same year, the Government of India also shut down HMT Chinar Watches Ltd., HMT Bearings, and HMT Tractors. HMT Machine Tools Limited still manufactures industrial machines and tools with a work force of around 2,500 in six manufacturing units situated at Bangalore (Mother unit), Kochi, Hyderabad (2 units), Pinjore and Ajmer.[9] These mostly serve India's defence, government and educational institutions.[10]

HMT's wholly owned subsidiaries include HMT Machine Tools Limited and HMT International Limited. HMT also holds a majority stake in Praga Tools Limited (51%).[5]

  1. ^ a b "Annual Report 2017–18" (PDF). HMT Limited. Retrieved 28 January 2019.[permanent dead link‍]
  2. ^ "Organisation". HMT Limited. Archived from the original on 13 August 2012. Retrieved 28 January 2019.
  3. ^ "Our Products". HMT Limited. Archived from the original on 13 August 2012. Retrieved 28 January 2019.
  4. ^ "10 stocks where Indian government owns at least 90% stake - In Focus". The Economic Times. Retrieved 9 February 2023.
  5. ^ a b "Holding Company". HMT Limited. Archived from the original on 4 August 2020. Retrieved 28 January 2019.
  6. ^ "Links to the websites of Central Public Sector Enterprises under Department of Heavy Industry". Department of Heavy Industry. Archived from the original on 21 May 2012. Retrieved 3 May 2012.
  7. ^ Rao, Mohit M. (1 April 2016). "Clock stops ticking at HMT". The Hindu. Retrieved 28 January 2019.
  8. ^ Manchanda, Anil (20 January 2016). "Why HMT Watches stopped ticking". Hindu Businessline. Retrieved 20 December 2018.
  9. ^ "P r a g a T o o l s – Machines". www.pragatools.org. Archived from the original on 6 February 2002.
  10. ^ "HMT Ltd gets 136 Crore Government Loan to revive its operations". IANS. news.biharprabha.com. Retrieved 28 February 2014.