HMT Ltd named M S Zahed chairman and managing director.
HMT Ltd has posted a net loss of Rs 80.30 million for the quarter ended December 31, 2002 as compared to a net loss of Rs 93.70 million in the corresponding period last fiscal.
The government is planning to offload stake in HMT Bearings Ltd (HBL) and is scouting for joint venture partners in some other state-owned firms in a bid to revive sick units.
State-owned HMT Ltd is talking to Mitsubushi for collaborating in manufacturing of multi-utility vehicles and some other vehicles, targetting the rural market.
Public sector HMT Ltd on Wednesday said it has signed an agreement with the United Kingdom-based Trantor Vehicles Ltd for exclusive worldwide rights to manufacture and sell Trantor's transport oriented tractors.
The Department of Heavy Industry has been undertaking appraisals of each loss making CPSE to assess the prospects of revival.
HMT Watches has been making losses for the last 15 years.
Manufacture will soon be stopped at Bangalore and Tumkur in Karnataka and Ranibagh in Uttarakhand.
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