HMT Limited
HMT Limited, formerly Hindustan Machine Tools Limited, is an Indian state-owned manufacturing company under the control of the Ministry of Heavy Industries, Government of India. 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.
| Formerly | Hindustan Machine Tools Limited |
|---|---|
| Company type | Public |
Traded as | BSE: 500191 NSE: HMT |
| Industry | Engineering |
| Founded | 7 February 1953 |
| Founder | Government of India |
| Headquarters | 59, Bellary Road, , India |
Key people | S. Girish Kumar (Chairman & MD) |
| Products |
|
| Revenue | ₹32.10 crore (US$4.0 million) (2018) |
| ₹3.67 crore (US$460,000) (2018) | |
Net income | ₹−7.164 crore (US$−900,000) (2018) |
| Total assets | ₹927.48 crore (US$120 million) (2018) |
| Total equity | ₹100.29 crore (US$13 million) (2018) |
| Owner | Government of India (93.68%) |
Number of employees | 1,742 (2018) |
| Subsidiaries |
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| Website | www |
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. 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. These mostly serve India's defence, government and educational institutions.
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%).