HMT Ltd is a public limited commercial organisation involved in the manufacture and sales of engineering goods as well as project consultancy. The company is engaged in the business of manufacturing and selling tractors and food processing machines. Their segments include machine tools, watches, tractors, bearings and exports.
The company's products include printing machine, bearings, food processing machine, machine tools, watches and tractors. They have five subsidiaries namely HMT Machine Tools Ltd, HMT Watches Ltd, HMT Chinar Watches Ltd, HMT (International) Ltd and HMT Bearings Ltd.
HMT Ltd was incorporated in the year 1953 by the Government of India as a Machine Tool manufacturing company with the name Hindustan Machine Tools Ltd. The company was incorporated with the objective of producing a limited range of machine tools, required for building an industrial edifice for the country. Over the years, the company diversified into Watches, Tractors, Printing Machinery, Metal Forming Presses, Die Casting & Plastic Processing Machinery, CNC Systems & Bearings.
In 1960s, the company set up new units at Pinjore, Kalamassery and Hyderabad. In 1970s, they set up HMT International Ltd as a subsidiary company to channel HMT's products and technical services abroad. They set up two units for manufacture of watches, one at Srinagar and another at Tumkur. Also, they took over Machine Tool Corporation at Ajmer as their sixth machine tool unit. In May 13, 1977, the company was converted into a public limited company and in September 12, 1978, the name of the company was changed from Hindustan Machine Tools Ltd to HMT Ltd.
In 1980s, the company as a part of vertical integration efforts, launched units to manufacture Watches at Ranibagh, Watch Cases at Bangalore, Stepper Motors at Tumkur, CNC Systems at Bangalore and Ball screws for use on CNC machines at Bangalore. They took over Indo-Nippon Precision Bearings Ltd, a state owned unit as a subsidiary, which was renamed HMT-Bearings Ltd. Also, they took over Praga Tools Ltd as another subsidiary.
In 1990s, the company restructured themselves into five Business Groups viz., Machine Tools, Watches, Tractors, Industrial Machinery and Engineering Components as part of Business Reorganization. In the year 1993, they launched two new brands, namely 'Ramani' for gents and 'Utsav' for ladies. In the year 1997, the tractors group launched a 45 HP Coastal Special model tractor for application in coastal areas on Commercial basis. Also, they launched 59 HP model tractors with Power Steering.
In the year 1998, the company introduced 350 range of Citizen watches in Mumbai along with their latest Eco-Drive models, which absorb power thorough any source of light. They entered into manufacturing and marketing alliance with Tennmax Industrial Ltd. of Hong Kong.
In August 1, 2000, the company received the approval of the Government of India for the turnaround plan submitted by the company. Consequently, the company signed a Memorandum of Understanding with the Government of India on August 11, 2000 detailing various actions to be taken on a time bound manner both by the Government and the company. As per the restructuring plan, two separate subsidiary companies, namely HMT Machine Tools Ltd and HMT Watches Ltd have been incorporated and these subsidiaries will take over the business of Machine Tools and Watches of the company.
In the year 2004, the company signed agreement with UK-based Trantor for high power tractors. Also, they signed MoU with State Bank of India (SBI) for tractor finance. During the year 2004-05, an Emission Testing Lab with an investment of 4 crore was set up to upgrade each of the engines to conform to emission norms. During the year 2004-05, they increased the installed capacity of Machine Tools to 1479 Nos with the increase of 90 Nos.
In the year 2006, the company established a high tech Engine Emission Testing Laboratory in R&D Centre at their Tractor Division, Pinjore with an investment of Rs 50 million. During the year 2007-08, Praga Tools Ltd, a subsidiary company was amalgamated with HMT Machine Tools Ltd, another subsidiary company.
During the year 2008-09, the company initiated a number of operational measures such as improvement in their products, rationalization of product mix, operational methods, capital investments, new strategies for marketing and distribution and introduction of productivity improvement schemes.
The Tractor Group of the company has initiated a host of measures towards performance improvement in right earnest, by appointment of new distributors and dealers in select potential areas/ territories, engine upgradation for compliance of new emission norms for all models of tractors, setting up of a new paint plant, entering into MoUs with Banks/ Financing Agencies for priority loan sanction for the purchase of HMT Tractors, dynamic business strategies, etc.