Kumaraswamy holds meeting to revive ailing HMT
Heavy Industries Minister H D Kumaraswamy has asked top officials of Hindustan Machine and Tools (HMT) to submit proposals for reviving the ailing public sector undertaking (PSU).
An official statement said, “The once-glorious HMT is currently facing significant challenges. The Minister emphasized the need to strengthen the company and instructed Rajesh Kohli (HMT’s Chairman and Managing Director) to submit a proposal to the central government for necessary support.”
Prime Minister Narendra Modi's Atmanirbhar Bharat (Self-Reliant India) initiative was highlighted as a framework for HMT's revival, the statement added.
Kohli is said to have outlined the various problems HMT is facing, including financial crises, lawsuits, and overall losses. He stressed the need for central government intervention to resolve these issues.
Kumaraswamy noted that HMT produces tools for the Department of Defense and space programs, and has manufacturing units across the country. He also suggested that the company should enhance its capacity.
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