Cerebral Shangrila

Saturday, August 05, 2006

HMT - Time running out ?

The once ubiquitous HMT watches , a symbolism of pre-liberalization India, might be on its way out. Perhaps the Govt should have exited the business much before. Why is the Govt selling watches anyway ?

From FE, " HMT Watches Ltd and HMT Chinar Watches, which monopolised the Indian market for almost three decades till 1990, may soon stop ticking.The two are fully-owned subsidiaries of HMT Ltd, a 100% government-owned company under the department of heavy industries. Both, put together, have a market share of just 4%.

The heavy industries ministry has given up on reviving the two subsidiaries, which bleed the exchequer to the tune of Rs 125 crore a year."


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