Cabinet clears offers for HMT employees
"The movable and immovable assets of the companies will be disposed of as per the Govt. policy," read a government statement.
With a cash assistance of Rs. 427.48 crore, the three loss making subsidiaries of HMT Ltd. namely HMT Watches Ltd,, HMT Chinar Watches Ltd., HMT Bearings Ltd., will attain closure after separation of about a thousand employees through attractive VRS /VSS and settlement of their dues, read the statement.
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