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GOVT. APPROVES CLOSURE OF HMT WATCHES
January 7, 2016
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1.The Union Cabinet on Wednesday approved the closure of the iconic HMT Watches and offered a voluntary retirement scheme (VRS) to its employees as per the 2007 pay scales.

2.Two other unviable units of the public sector company, HMT Chinar Watches and HMT Bearings, are also to be shut down.

3.In all, there are 31 Central enterprises under the Department of Heavy Industry of which 12 are making profits and the remaining 19 are incurring losses.