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India: HMT embarks on revamp plan (460).
Our Bureau
BANGALORE, April 11
THROUGH a major restructuring exercise, involving rationalising its manpower and settling its huge debt amounting to Rs. 540 crores generating an annual interest burden alone of Rs. 85 crores, HMT Ltd, the public sector conglomerate, hopes to put the company on a turnaround path by 1999-2000.
In particular, it is the proposal to reorganise five of its business groups into three separate subsidiaries - HMT- Machine Tools, HMT-Watches and HMT-Tractor - that is expected to give an impetus to its plans. HMT Ltd would be the holding company which would be responsible only for macro-planning and decisions leaving the …
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