HMT watches a household name previously ,established in 1961 is set to close down its operations. Reeling under losses since 2000, according to a daily newspaper report the government has decided to wind up the watch company.
Set in collaboration with Japan’s citizen watch, the company has been posting losses year-by-year. The firm posted a loss of Rs 242 crore in 2012-13 as compared to a loss of Rs 224 crore in 2011-12.And even the company is unable to pay salaries to its approx. 1100 employees.
(sarkarimirror bureau)