New Delhi: Like the Ambassador, another marquee brand of the licence-permit era, time is over for HMT watches.
The Centre is planning to close down the HMT Watches Company due to heavy losses because of lack of its demand in the market.
HMT watches, established in 1961, has been incurring losses since 2000 and struggling to generate resources to pay salaries to its employees.
The Department of Heavy Industry, Ministry of Heavy Industries & Public Enterprises, administrative control of the company, has decided to shut down HMT Watches and HMT Chinar Watches and winding up process will be started soon.
The firm posted a loss of Rs 242 crore in 2012-13 as compared to a loss of Rs 224 crore in 2011-12.
In 2000, the HMT Watch Business Group was restructured as HMT Watches Limited, but the company continued to make losses.
