History of HMT Ltd.
YEAR EVENTS 1953 - The Comp. was Incorporated in Bangalore. The Comp. was converted into a Public Limited Comp. on May 13, 1977. The main objects of Comp. is Manufacturing of Machine Tools, Metal forming presses & press brakes, pressure die, casting machines & automatic plastic injection moulding machines, Automatic plastic injection moulding machines, Paper cutting machines, Automatic plastic injection moulding machines, Paper cutting machines, Tractors 25/35/55 HP, Lamps & Lamp making machines, Printing Machinery, Printing Machinery, Watches. Some of trade names of watches manufactured are Janata, Sona, Pilot, Tarun, Nutan, Jawhar, Automatic Day & Date, Priya, Chinar, Nishat, Rakhee, Avinash & Kohinoor.
- The Machine Tool Division at HMT Bangalore, was the oldest manufacturing unit of Comp. & the product lines consist of 16 types of metal working machines. The Die Casting Division was set up for manufacture of Die Casting & Plastic Injection Moulding machines in technical collaboration with Reifenhaeuser GmbH and Co. of West Germany.
1961 - The Watch Factory at Bangalore had two operating divisions the Watch Factory Division: set up during the year in technical collaboration with Citizen Watch Co., Ltd., Tokyo, this division started with manufacture of hand winding watches. A new plant was set up to manufacture self-winding watches in collaboration with the same Japanese firm & Horological Machinery: Division was established for manufacture of sliding headstock automatics in technical collaboration with M/s. Jos Petermann, Switzerland.
- The Watch Factory at Srinagar was set up for manufacture of 3 lakh hand winding watches.
1963 - The HMT, in Pinjore have two operating divisions attached to it, viz., Machine Tool Division & Tractor Division. The Machine Tool Division was set up during the year. The Tractor Divisions was set up in technical collaboration with Mototov Foreign Trade Corporation, Prasha, Czechoslavakia.
1964 - The Two operating divisions attached to HMT, Kalamassery, were the Machine Tool Division & the Printing Machine Division set up in collaboration with Societa Nebiolo, Turin, Italy.
1965 - The HMT at Hyderabad had 3 operating divisions, the Machine Tool Division primarily for manufacture of special purpose machine tools. The Press Division was set up in technical collaboration with M/s. Verson Allsteel Press Co., Chicago, U.S.A. The Lamp Division was established for manufacture of lamps & lamp components in collaboration with United Incandescent Lamp and Electrical Co., limited [Tungsrams], Budapest, Hungary.
1975 - The HMT at Ajmer was set up by Govt. of India as the unit of Machine Tool Corporation of India, limited with effect from 1st April, the unit was merged with HMT.
1976 - The manufacture of critical components like hair spring & main spring were also taken up by setting up a new plant by Watch Factory Division at Bangalore.
- The following collaborations agreements were concluded during the year: With the Cross Company, Fraser, Michigan, U.S.A. for the manufacture of special purpose machines in Hyderabad, With M/s. Creusot - Loire, Paris, for manufacturing of rotary web offset printing machines, With M/s. Laeis - Werke AG, Trier, West Germany, for manufacture of refractory presses, A MOU with M/s. Tesa SA, Renens, Switzerland, a subsidiary of Brown and Sharpe Manufacturing Co., Rhode Inland, U.S.A., for manufacture of precision measuring instruments.
- HMT [Internationals], Ltd., with an issued capital of Rs 6 lakhs is a wholly owned subsidiary of Company.
- All shares held by President of India & his nominees. Out of issued capital, 7,122 No. of Equity shares were issued as fully paid-up without payment in cash & 40,000 fully paid Equity shares were allotted on amalgamation of erstwhile Machine Tool Corporation of India, Ltd., Ajmer.
1977 - All shares issued to Govt. of India.
1978 - The Comp. undertook a scheme to expand the capacity of Watch Factory to 4 lakh watches in 1979 & 5 lakh watches in 1980.
- The Govt. approved a total investment of Rs 24.50 crores in the watch factory to be established at Tumkur in Karnataka State for the manufacture of 2 million watch movements.
- The Comp. undertook to set up a project for manufacture of 4 million fluorescent tubes per annum in collaboration for assembly line with Tungsram of Hungary at a capital outlay of Rs 3.19 crores.
- The Comp. undertook to diversify into the field of precision meterological & measuring instruments at Srinagar. Govt. approval was obtained during 1979-80 & negotiations were in progress for foreign collaboration.
- The Comp. undertook to set up a factory in Aurangabad, a backward area in Maharashtra, for manufacture of dairy machinery.
- Industrial licence was obtained & a technical collaboration agreement was entered into with Fortschritt Landmaschinen Export-Import of German Democratic Republic [FLMs].
- In order to increase the capacity of tractor manufacture from 12,000 to 15,000 per annum, the Comp. undertook to set up a second line of assembly operations at Mohali, Punjab.
- The Comp. submitted a feasibility report to Govt. for the manufacture of electronic watches. The Comp. concluded a MOU with Hitachi & Citizen of Japan.
- The Comp. offered technical collaboration to Industrial & Commercial Development Corporation of Kenya [ICDCs] to set up a plant for manufacture of machine tools in Kenya.
- The Comp. entered into an agreement with the Federal Govt. of Nigeria to set up a plant for manufacture of machine tools in Nigeria. A new Comp. under the name Nigeria Machine Tools, limited was incorporated in Lagos.
- With effect from 12th September, the name of Comp. was changed from Hindustan Machine Tools, limited to HMT Ltd.
1979 - All shares issued to Govt. of India.
1980 - The Comp. entered into a collaboration agreement with Pegard S.A. of Belgium for adding new models to the existing range of Horizontal boring machines.
1981 - The Comp. proposed to manufacture silver oxide miniature batteries in collaboration with Hitachi-Moxcell Ltd., Japan. These would be used in electronic & quartz watches.
- The Comp. received an industrial licence for production of one million stepper motors required for electronics watches.
- The subsidiary formerly known as Indo Nippon Precision Bearings Ltd., changed its name to HMT Bearing limited on 1st December.
1993 - To capture the growing urban market for fashionable watches, two new brands viz., `Ramani' for gents & `Utsav' for ladies were launched.
- Equity shares subdivided. 504,19,400 shares issued to Government of India.
1995 - All shares issued to Govt. of India.
1996 - The Comp. has decided to convert Lamp Division into a separate wholly owned subsidiary.
- All shares issued to Govt. of India.
1997 - Production also suffered due to slowdown in the economy coupled with stiff competition from imported machines.
- The Tractors Group launched a 45 HP Coastal Special model tractor for application in coastal areas on Commercial basis.
- A 59 HP model tractor with Power Steering was also launched during the year. Orchard Special model tractor in 25 HP range was developed & was under test marketing. Modernisation cum Expansion plan for Tractor division was chalked out for increasing the production capacity of Tractor division to 30,000 tractors at a cost of Rs 110 crores in the next two years.
- The entire networth of this subsidiary was eroded & a reference was made to BIFR as a sick Comp. under the Sick Industrial Companies [Special Provisionss] Act, 1985.
- All shares issued to Govt. of India.
- The public sector HMT has indigenously manufactured four-colour offset printing press for first time in the country in its unit at Kalamassery.
- The HMT has introduced three new models the HMT 3022, HMT 3522 & HMT 4511 coastal special have been fitted with fuel efficient engines & heavy duty transmission.
- The machine tools division of HMT has entered a new area of manufacturing with press tools & dies.
- The Machine tools division has also entered into a joint working arrangement with MS Giana, Italy, for manufacture heavy duty CNC lathes for defence sector. This range of products will be built for first time in the country.
- HMT has signed a memorandum of understanding with the Union government under which it is expected to increase its turnover to Rs.1,160 crore & post a net profit of Rs.10.45 crore for the year ended March 1998.
- HMT introduced ADD & dater watches priced at Rs.750/900 in September. On August 15 the Comp. launched Swarna series.
1998 - HMT International Ltd, a wholly-owned subsidiary of HMT, has bagged a Rs.13-crore order for setting up an Entrepreneur Technical Development Centre [ETDCs] at Dakar in Senegal.
- HMT International has already set up successfully training Algeria & the Maldives. A batch of 17 Senegalese instructors has already undergone training at HMT international training centre in Bangalore.
- The Comp. is launching 15 new models in the automatic day/date range.
- HMT would issue 41,25,000 ordinary shares of Rs.10 each to the government. The Comp. board has recently approved the allotment of these shares. The Comp. had already approached the Bangalore Stock Exchange for issuing these shares to the government. A total of 10,06,45,165 equity shares of Rs.10 is listed with the bourse.
- Machine tools giant HMT is in touch with world number one MT manufacturer Yamazaki Mazak to enter into a possible alliance to manufacture the latter machine cutting tools under a buy-back arrangement.
- HMT Ltd has bagged the FIE award for best quality, design & aesthetic appearance of product at IMTEX '98.
- HMT Ltd today announced a special voluntary retirement scheme [VRSs] for its lamp division employees under which those who opt for it can remain at home with half their pay till such time that the public sector behemoth receives its due from the National Renewal Fund.
- HMT International Ltd., a wholly owned subsidiary of HMT Ltd., which has recently diversified into software exports has entered into a strategic alliance with A1- pha data LLC of Abu Dhabi, a part of $500 million US group. The two companies would jointly develop software business for HMT Erp Solutions Vikas.
- An MoU [memorandum of understandings] signed between the Government & HMT has delegated power to HMT to sanction schemes for incentives cum rewards.
- The Government is making a fresh bid to privatise HMT Tractors, a profit-making unit under the fold of public sector major HMT Ltd.
- HMT has two fully-owned subsidiaries now - HMT [Internationals] Ltd, which is a trading Comp. & HMT [Bearingss] Ltd, which manufactures ball & roller bearings. It also has a partly-owned subsidiary - Praga Tools Ltd - based in Secunderabad.
- The union minister of state for industry released a new HMT automatic day date watch Ranjit incorporating euro-style dial, & a new ladies watch Preeti.
- The HMT division has a capacity of manufacturing 18,000 tractors.
- The Comp. has introduced 350 range of Citizen watches in Mumbai along with its latest Eco-Drive models, which absorb power thorough any source of light.
- The Comp. has entered into a manufacturing & marketing alliance with Tennmax Industrial limited of Hong Kong.
- HMT Ltd has been named as one of top ten brands in India by a recent survey conducted by A&M-ORG-MARG. HMT has been ranked as the top seventh brand among the main brands in the annual survey that covers 60 brands from all over the country. HMT is also the only public sector Comp. whose brand has features among the top ten in the survey. The brand has emerged as seventh from the 22nd position held last year.
- The Comp. also proposes to convert 30% of loan component into equity.
- Citizen Watches [Indias] Limited, is a joint venture between the Citizen Watch Company, Japan which holds a 51 per cent stake & Doshi Time Industries holding 49 per cent stake. It has a total paid up capital of Rs eight crores.
- An MoU [memorandum of understandings] signed between the Government & HMT has delegated power to HMT to sanction schemes for incentives cum rewards.
1999 - The Industry Ministry has directed the state-owned Hindustan Machine Tools to explore possibilities of joint venture formation for its watch division.
- The Comp. has tied up with Tennmax of Hong Kong & is currently marketing the HMT-Tennmax brand in India.
- After Kenya & Nigeria, HMT had signed a MoU for setting up a watch assembly unit Zimbabwe.
- The shareholders of Hindustan Machine Tools Ltd [HMTs] approved a proposal to increase the company authorised share capital to Rs 200 crores from the present Rs 135 crores.
2000 - Icra has assigned an LAAA [SOs] rating & an MAAA [SOs] rating to the Hindustan Machine Tools [HMTs] bonds of Rs 469 crore 10-year tenure & Rs 40.43 two-year tenure.
- HMT [Internationals] Ltd., a wholly owned subsidiary of HMT Ltd., has been awarded the EEPC trophy for its achievements in export of technical services during the year 1998-99.
2001- Mr Manohar Joshi, Union Minister for Heavy Industries & Public Enterprises, has unveiled the HMT 4922 tractor at a launch ceremony organised at Pinjore, Chandigarh. With the introduction of new actor,
2002
-HMT Ltd has informed that consequent upon relinquishing of charge of Chairman and Managing Director, Tractor, upon resignation by Mr R A Sharma on July 04, 2002 Mr M S Zahed, Director, Organisation and Management has taken additional charge of post of Chairman and Managing Director, Tractor of Company.
2003
-HMT Ltd has informed BSE that pursuant to Order dated January 9, 2003 from the Department of Heavy Industry, Ministry of Heavy Industries and Public Enterprises, Government of India, New Delhi, Shri M.S. Zahed, Chairman and Managing Director [Actings] & Director [Organisation and Managements] has been appointed as Chairman and Managing Director of Comp. for a period of 5 years from the date he assumes charge of post or till the date of his superannuation or until further orders, whichever is earlier. Shri.M.S Zahed assumed charge of post of January 09, 2003.
-HMT enters into Memorandum of Understanding with PNB, UCO Bank & State Bank of Mysore & has launched SBM-HMTAgri Farm Scheme to promote Agriculture mechanisation in south India.
-Pinjore Unit of HMT at Chandigarh is facing a financial crisis & turnover has dropped to 50-60cr .
-Shri Naresh Chaturvedi has been appointed as a part time official Director on the Board of Directors.
-Shri Navin Kumar, Joint Secretary to GOI has been appointed as Part Time Official Director on the Board of Directors of company.
2004
-HMT limited has informed that the equity shares of Comp. have been delisted from the Bangalore Stock Exchange Limited, the Regional Exchange for HMT Limited, with effect from January 3, 2004.
-HMT signs agreement with UK-based Trantor for high power tractors
-HMT bags CMTI-PMT Trust Award
-HMT enters into a Technology Collaboration Agreement with M/s Trantor Vehicles Ltd
-HMT limited enters into a Technology Collaboration Agreement with Trantor Vehicles limited U.K.
-Signs MoU with State Bank of India [SBIs] for tractor finance
2005
-HMT inks agreement with ONGC, MRPL
2006
-HMT Ltd has Shri. R Asokan, Director [Finances], Department of Heavy Industry, New Delhi has been appointed as Part-time Official Director on the Board of Comp. vide Presidential Order dated October 30, 2006, with effect from October 30, 2006
2007
-HMT Ltd has appointed Shri. N Gokulram, Additional Secretary and Financial Adviser, Ministry of Heavy Industries and Public Enterprises, as Part-time Official Director on the Board of Comp. vide Presidential Order dated January 22, 2007, with effect from January 22, 2007 & until further orders vice Shri. R Asokan, Director [Finances], Department of Heavy Industry, New Delhi.
- Dr. Surajit Mitra has been appointed as Part-time Official Director on the Board of Comp. vide Presidential Order F.No.5[35s]/1995-PE.X [Vol.IIs] dated March 06, 2007, until further orders with effect from March 06, 2007.
2008
- HMT limited has informed that Shri B.S. Meena has been appointed as Part-time Official Director on the Board of HMT Limited vide Presidential Order F. No. 5 [35s]/ 1995- PE. X dated January 25, 2008, until further orders with effect from January 25, 2008.
- Hmt ltd has appointed Shri S. Behuria, Additional Secretary and Financial Adviser to Government of India, Ministry of Heavy Industries and Public Enterprises, New Delhi, as Part-time Official Director on the Board of HMT Limited vide Presidental Order F. No. 5[35s]/1995-PE.X dated October 14, 2008, until further orders with effect from October 14, 2008'. Further the Comp. has submitted the List of Directors of Comp. as on October 14, 2008.
- HMT Ltd has appointed Shri S G Sridhar, General Manager [Technicals], Hindustan Latex Ltd, as Director [Operationss] on the Board of Comp. with effect from December 15, 2008, vide Presidential Order dated October 22, 2008.
