Bengaluru, Union Minister for Heavy Industries and Steel HD Kumaraswamy on Saturday directed officials to revive Hindustan Machine Tools (HMT).
He gave these instructions in a meeting with top officials of HMT here.
During the meeting, the minister discussed with the company's Chairman and Managing Director Rajesh Kohli and other senior officials.
"Kumaraswamy reviewed details on turnover, net profit and other key metrics. He also discussed the company's financial, production and operational conditions with officials," a statement issued by the minister's office said.
"The once glorious HMT is currently facing significant challenges," it said. The minister stressed the need to strengthen the company and directed Rajesh Kohli to submit a proposal to the central government for necessary support. "
Kumaraswamy said the revival of HMT is in line with Prime Minister Narendra Modi's Self-reliant India initiative
"The minister encouraged officials to adopt this approach and lead the recovery efforts and assured them of the central government's support," the statement said.
HMT manufactures equipment for the Defense Department and space programs and has manufacturing units across the country, the statement said. Kumaraswamy suggested that the company should increase its capacity.
Kohli outlined various problems being faced by HMT, including financial crisis, lawsuits and overall losses. He stressed the need for central government intervention to resolve these issues.
In response, Kumaraswamy promised to address these challenges.
He gave these instructions in a meeting with top officials of HMT here.
During the meeting, the minister discussed with the company's Chairman and Managing Director Rajesh Kohli and other senior officials.
"Kumaraswamy reviewed details on turnover, net profit and other key metrics. He also discussed the company's financial, production and operational conditions with officials," a statement issued by the minister's office said.
"The once glorious HMT is currently facing significant challenges," it said. The minister stressed the need to strengthen the company and directed Rajesh Kohli to submit a proposal to the central government for necessary support. "
Kumaraswamy said the revival of HMT is in line with Prime Minister Narendra Modi's Self-reliant India initiative
"The minister encouraged officials to adopt this approach and lead the recovery efforts and assured them of the central government's support," the statement said.
HMT manufactures equipment for the Defense Department and space programs and has manufacturing units across the country, the statement said. Kumaraswamy suggested that the company should increase its capacity.
Kohli outlined various problems being faced by HMT, including financial crisis, lawsuits and overall losses. He stressed the need for central government intervention to resolve these issues.
In response, Kumaraswamy promised to address these challenges.
