HMT signs MoU with German firm for tech transfer

Hannover, Apr 26: State-owned HMT Ltd today signed an agreement with a leading firm Mauser for transfer of technology for the manufacture of high technology, high-speed machines.

''Initially, HMT will market their products and later the manufacturing will start. Eventually, it will lead to a full-fledged joint venture,'' HMT Chairman and Managing Director M S Zahidi told reporters at the Hannover Fair, in which India is a Partner Country.

He said HMT has started making profit through a complete turnaround. Last the company made a net profit of Rs 13 crore.

Meanwhile, Kolkata-based Carnation Ltd signed an MoU with another German Small and Medium Sized Enterprises (SME) firm which will set up a manufacturing base in east India for the worldwide supply.

UNI