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HMT Ltd. Company History and Annual Growth Details

YEAR EVENTS
1953 - The Company was Incorporated in Bangalore. The Company was
converted into a Public Limited Company on May 13, 1977. The
main objects of the Company is Manufacturing of the Machine
Tools, Metal forming presses and press brakes, pressure die,
casting machines and 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 and Lamp
making machines, Printing Machinery, Printing Machinery, Watches.
Some of the trade names of the watches manufactured are Janata,
Sona, Pilot, Tarun, Nutan, Jawhar, Automatic Day and Date, Priya,
Chinar, Nishat, Rakhee, Avinash and Kohinoor.

- The Machine Tool Division at HMT Bangalore, was the oldest
manufacturing unit of the Company and the product lines consist
of 16 types of metal working machines. The Die Casting Division
was set up for the manufacture of Die Casting and Plastic
Injection Moulding machines in technical collaboration with
Reifenhaeuser GmbH & 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 and Horological Machinery: Division
was established for the manufacture of sliding headstock
automatics in technical collaboration with M/s. Jos Petermann,
Switzerland.

- The Watch Factory at Srinagar was set up for the manufacture of
3 lakh hand winding watches.

1963 - The HMT, in Pinjore have two operating divisions attached to it,
viz., Machine Tool Division and 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 and 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 the 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 the manufacture of lamps and lamp
components in collaboration with United Incandescent Lamp and
Electrical Co., Ltd. (Tungsram), Budapest, Hungary.

1975 - The HMT at Ajmer was set up by the Govt. of India as the unit of
Machine Tool Corporation of India, Ltd. with effect from 1st
April, the unit was merged with HMT.

1976 - The manufacture of critical components like hair spring and main
spring were also taken up by setting up a new plant by the 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 the manufacturing of rotary web
offset printing machines, With M/s. Laeis - Werke AG, Trier, West
Germany, for the manufacture of refractory presses, A MOU with
M/s. Tesa SA, Renens, Switzerland, a subsidiary of Brown & Sharpe
Manufacturing Co., Rhode Inland, U.S.A., for the manufacture of
precision measuring instruments.

- HMT (International), Ltd., with an issued capital of Rs 6 lakhs
is a wholly owned subsidiary of the Company.

- All shares held by the President of India and his nominees. Out
of the issued capital, 7,122 No. of Equity shares were issued as
fully paid-up without payment in cash and 40,000 fully paid
Equity shares were allotted on amalgamation of the erstwhile
Machine Tool Corporation of India, Ltd., Ajmer.

1977 - All shares issued to Govt. of India.

1978 - The Company undertook a scheme to expand the capacity of Watch
Factory to 4 lakh watches in 1979 and 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 Company undertook to set up a project for the 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 Company undertook to diversify into the field of precision
meterological and measuring instruments at Srinagar. Govt.
approval was obtained during 1979-80 and negotiations were in
progress for foreign collaboration.

- The Company undertook to set up a factory in Aurangabad, a
backward area in Maharashtra, for the manufacture of dairy
machinery.

- Industrial licence was obtained and a technical collaboration
agreement was entered into with Fortschritt Landmaschinen
Export-Import of German Democratic Republic (FLM).

- In order to increase the capacity of tractor manufacture from
12,000 to 15,000 per annum, the Company undertook to set up a
second line of assembly operations at Mohali, Punjab.

- The Company submitted a feasibility report to Govt. for the
manufacture of electronic watches. The Company concluded a MOU
with Hitachi and Citizen of Japan.

- The Company offered technical collaboration to Industrial &
Commercial Development Corporation of Kenya (ICDC) to set up a
plant for the manufacture of machine tools in Kenya.

- The company entered into an agreement with the Federal Govt. of
Nigeria to set up a plant for the manufacture of machine tools in
Nigeria. A new company under the name Nigeria Machine Tools,
Ltd. was incorporated in Lagos.

- With effect from 12th September, the name of the Company was
changed from Hindustan Machine Tools, Ltd. to HMT Ltd.

1979 - All shares issued to Govt. of India.

1980 - The Company 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 Company proposed to manufacture silver oxide miniature
batteries in collaboration with Hitachi-Moxcell Ltd., Japan.
These would be used in electronic and quartz watches.

- The Company received an industrial licence for the 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 Ltd. on 1st December.

1993 - To capture the growing urban market for fashionable watches, two
new brands viz., 'Ramani' for gents and '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 Company 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 and was under test marketing. Modernisation cum
Expansion plan for the 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 and a reference
was made to BIFR as a sick company under the Sick Industrial
Companies (Special Provisions) Act, 1985.

- All shares issued to Govt. of India.

- The public sector HMT has indigenously manufactured four-colour
offset printing press for the first time in the country in its
unit at Kalamassery.

- The HMT has introduced three new models the HMT 3022, HMT 3522
and HMT 4511 coastal special have been fitted with fuel efficient
engines and heavy duty transmission.

- The machine tools division of HMT has entered a new area of
manufacturing with press tools and dies.

- The Machine tools division has also entered into a joint
working arrangement with MS Giana, Italy, for the manufacture
heavy duty CNC lathes for the defence sector. This range of
products will be built for the 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 and post a net profit of Rs.10.45 crore for
the year ended March 1998.

- HMT introduced ADD and dater watches priced at Rs.750/900 in
September. On August 15 the company 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 (ETDC) at Dakar in Senegal.

- HMT International has already set up successfully training
Algeria and the Maldives. A batch of 17 Senegalese instructors
has already undergone training at HMT's international training
centre in Bangalore.

- The company 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 company board has recently approved the
allotment of these shares. The company 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's number one MT
manufacturer Yamazaki Mazak to enter into a possible alliance
to manufacture the latter's machine cutting tools under a
buy-back arrangement.

- HMT Ltd has bagged the FIE award for the best quality, design
and aesthetic appearance of a product at IMTEX '98.

- HMT Ltd today announced a special voluntary retirement scheme
(VRS) 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's Erp Solutions Vikas.

- An MoU (memorandum of understanding) signed between the
Government and 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
(International) Ltd, which is a trading company and HMT
(Bearings) Ltd, which manufactures ball and 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, and a new ladies watch Preeti.

- The HMT division has a capacity of manufacturing 18,000 tractors.

- The company 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 company has entered into a manufacturing and marketing
alliance with Tennmax Industrial Ltd. of Hong Kong.

- HMT Ltd has been named as one of the 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 company 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 company also proposes to convert 30% of the loan component
into equity.

- Citizen Watches (India) Limited, is a joint venture between the
Citizen Watch Company, Japan which holds a 51 per cent stake
and Doshi Time Industries holding 49 per cent stake. It has a
total paid up capital of Rs eight crores.

- An MoU (memorandum of understanding) signed between the
Government and 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 company has tied up with Tennmax of Hong Kong and is
currently marketing the HMT-Tennmax brand in India.

- After Kenya and Nigeria, HMT had signed a MoU for setting up a
watch assembly unit Zimbabwe.

- The shareholders of Hindustan Machine Tools Ltd (HMT) approved
a proposal to increase the company's authorised share capital
to Rs 200 crores from the present Rs 135 crores.

2000 - Icra has assigned an LAAA (SO) rating and an MAAA (SO) rating to the Hindustan
Machine Tools (HMT) bonds of Rs 469 crore 10-year tenure and Rs 40.43 two-year
tenure.

- HMT (International) 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 and Public Enterprises, has unveiled the HMT 4922 tractor at a launch ceremony organised at Pinjore, Chandigarh. With the introduction of the new actor,

2002

-HMT Ltd has informed that consequent upon relinquishing of the charge of Chairman & Managing Director, Tractor, upon resignation by Mr R A Sharma on July 04, 2002 Mr M S Zahed, Director, Organisation & Management has taken additional charge of the post of Chairman & Managing Director, Tractor of the 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 & Public Enterprises, Government of India, New Delhi, Shri M.S. Zahed, Chairman & Managing Director (Acting) and Director (Organisation & Management) has been appointed as Chairman & Managing Director of the Company for a period of 5 years from the date he assumes charge of the post or till the date of his superannuation or until further orders, whichever is earlier. Shri.M.S Zahed assumed charge of the post of January 09, 2003.

-HMT enters into Memorandum of Understanding with PNB, UCO Bank and State Bank of Mysore and has launched SBM-HMTAgri Farm Scheme to promote Agriculture mechanisation
in south India.

-Pinjore Unit of HMT at Chandigarh is facing a financial crisis and 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 the company.

2004

-HMT Ltd. has informed that the equity shares of the Company 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 Ltd. enters into a Technology Collaboration Agreement with Trantor Vehicles Ltd. U.K.

-Signs MoU with State Bank of India (SBI) for tractor finance

2005

-HMT inks agreement with ONGC, MRPL

-HMT in dialogue with Japanese co for MUV

2006

-HMT Ltd has Shri. R Asokan, Director (Finance), Department of Heavy Industry, New Delhi has been appointed as Part-time Official Director on the Board of the Company vide Presidential Order dated October 30, 2006, with effect from October 30, 2006

-Hmt Ltd. has informed that HMT (International) Limited, the wholly owned Subsidiary of HMT Limited, Bangalore, would set up Indo-Zimbabwe Technology Centre (IZTC) in Harare and India Technology Centre (ITC) in Bulawayo.

-HMT Ltd has informed that the Company has established a high tech Engine Emission Testing Laboratory in R&D Centre at its Tractor Division, Pinjore at an investment of Rs 50 million.

2007

-HMT Ltd has appointed Shri. N Gokulram, Additional Secretary & Financial Adviser, Ministry of Heavy Industries & Public Enterprises, as Part-time Official Director on the Board of the Company vide Presidential Order dated January 22, 2007, with effect from January 22, 2007 and until further orders vice Shri. R Asokan, Director (Finance), Department of Heavy Industry, New Delhi.

- Dr. Surajit Mitra has been appointed as Part-time Official Director on the Board of the Company vide Presidential Order F.No.5(35)/1995-PE.X (Vol.II) dated March 06, 2007, until further orders with effect from March 06, 2007.

2008

- HMT Ltd. 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 (35)/ 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 & Financial Adviser to Government of India, Ministry of Heavy Industries & Public Enterprises, New Delhi, as Part-time Official Director on the Board of HMT Limited vide Presidental Order F. No. 5(35)/1995-PE.X dated October 14, 2008, until further orders with effect from October 14, 2008'. Further the Company has submitted the List of Directors of the Company as on October 14, 2008.

- HMT Ltd has appointed Shri S G Sridhar, General Manager (Technical), Hindustan Latex Ltd, as Director (Operations) on the Board of the Company with effect from December 15, 2008, vide Presidential Order dated October 22, 2008.

2010

- Hmt Ltd has informed that Shri Harbhajan Singh has been appointed as Part-time Official Director on the Board of the Company with effect from January 11, 2010
 
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