The main objective of HMT (HMT) is manufacturing of machine tools, metal forming presses and press brakes, pressure die, casting machines and automatic plastic injection molding machines, paper cutting machines, paper cutting machines, tractors 25/35/55 HP, lamps and lamp making machines, printing machinery and watches. HMT has however undergone restructuring and will focus on its core business of machine tools, watches and tractors. Each of them has been hived off into subsidiaries with HMT as the holding company. HMT also has two fully owned subsidiaries; HMT (International), which is a trading company, and HMT (Bearings), which manufactures ball and roller bearings.
It also has a partly-owned subsidiary Praga Tools based in Secunderabad. The company has introduced 350 ranges of Citizen watches in Mumbai along with its latest eco-drive models. The company has signed a MoU with State Bank of India (SBI) for tractor finance. It has also entered into a technology collaboration agreement with Trantor Vehicles, UK. Its machine tools division amounts to 43% share in the Rs. 5.7 billion machine tools market. As per the restructuring plan, two separate subsidiaries, i.e., HMT Machine Tools and HMT Watches have been incorporated and these will take over the business of machine tools and watches of the company. Disinvestment process of HMT was initiated along with the subsidiaries, viz., HMT Machine Tools, HMT Watches, HMT Chinar Watches and HMT Bearings.
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