As per reports in the press, one of the earliest PSU and manufacturer of finest watches in the country for many decades, Hindustan Machine Tools (HMT) Watch Unit, has been closed down on 1st May 2016. It is an irony that the closure has come on the International Workers Day. The last remaining 120 employees were given VRS/CRS and the PSU closed on Sunday.
HMT was world famous for its premium wrist watches. It had its units in many cities, other than the central office at Bangalore. It was a large establishment with thousands of expert workers. HMT was one of the best PSUs in the country and profitable. The anti-PSU policy of the government is the main reason for the closure of HMT. BSNL Employees Union took the initiative for purchasing HMT watches by BSNL for supply to its workers.
HMT Watch Unit is part of history now. It is a sad reminder of the neo-liberal policy of the government how to kill a PSU.