HMT signs MoU with Govt of India for 2007-08

Bangalore, Mar 27: State owned HMT today signed a Memorandum of Understanding (MoU) with the Government of India on performance targets for the year 2007-08 with the turnover targeted at Rs 899 crore for the entire group.

HMT in a release here said that the growth was expected to be 24 per cent more than the current fiscal as per the MoU.

The target for individual companies in the group were HMT Ltd Rs 328 crore, HMT Machine Tools Rs 368 crore, HMT Watches Rs 105 crore, HMT Chinar Watches Rs Six Crore, HMT Bearings Rs 50 crore and HMT (International) Rs 42 crore.

The MoU was signed by HMT Chairman A V Kamat and Dr R C Panda, Secretary, Ministry of Heavy Industries and Public Sector Enterprises.

UNI