HMT Ltd named M S Zahed chairman and managing director.
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 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.
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.
HMT Watches has been making losses for the last 15 years.
The Department of Heavy Industry has been undertaking appraisals of each loss making CPSE to assess the prospects of revival.
Manufacture will soon be stopped at Bangalore and Tumkur in Karnataka and Ranibagh in Uttarakhand.
Either the stake in these companies will be sold or they may partner private firms.
Oil and Natural Gas Corporation, Indian Oil Corporation, Bharat Heavy Electricals Ltd, HMT and Maruti Udyog Ltd are among the corporates that defaulted in remitting their provident fund share to the Employees Provident Fund Organisation
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
The list is of companies declared sick as on March 31, 2014.
In all, 25 Chairman-cum-Managing Director (CMD) posts, 8 MD posts and 2 Chairman posts are lying vacant, according to a written reply by Minister of State for Heavy Industries and Public Enterprises P Radhakrishnan in the Lok Sabha.
Asian shares ended higher after a string of positive US economic data.
Savji Dholakia, the diamond magnate who sent away his son to gain a 'hands-on' life experience, likes to do things the hard way.
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