Question: Recently the Cabinet Committee on Economic Affairs (CCEA) decided to close the HMT and its subsidiaries. When was its first unit set up?
(a) In Year 1963
(b) In Year 1981
(c) In Year 1953
(d) In Year 1965
Ans (c)
Related facts:
- On 6 January 2016, Cabinet Committee on Economic Affairs (CCEA) decided to close the HMT Watches, HMT Chinar Watches and HMT Bearings.
- About 1,000 employees of these units have been offered attractive VRS / VSS packages at 2007 pay scales from the government.
- The government will met this scheme with the cash assistance of 427.48 crore.
- HMT was entrusted the vital task of building machine tools and in 1953 the first Machine tool factory was set up in Bangalore.
- HMT set up a watch manufacturing Unit at Bangalore in 1961.
- It was set up in collaboration with M/s Citizen Watch Co. Japan.
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=134200
http://www.thehindu.com/news/national/govt-approves-closure-of-hmt-watches/article8073567.ece