Iconic Indian brand loses against time.

[Technoglitch]

HMT Watches, the iconic brand that evokes nostalgia in most Indians, will be shutting shop soon. The government has decided to wind up the company, a wholly-owned subsidiary of HMT Ltd, which has been incurring losses since 2000 and has been unable to generate adequate resources to pay salaries to its employees.

Set up in 1961 in collaboration with Japan’s Citizen Watch, the company’s net loss rose to Rs 242.47 crore in 2012-13 from Rs 224.04 crore in 2011-12. At the end of March 2012, it also had government loan, including budgetary support for salary and statutory dues, amounting to Rs 694.52 crore.

“The government has decided to shut down HMT Watches and HMT Chinar Watches Ltd. The Board for Reconstruction of Public Sector Enterprises (BRPSE) has already recommended it and the board of directors has also given the go-ahead,” a senior official told The Indian Express. The official said the process of winding up will be set in motion soon.

Iconic Indian brand, HMT Watches loses race against time, to be shut soon - Financial Express

 

[IndianMascot]

Finally this nostalgic and iconic watches finishes it's journey. So sad to hear that they are closing.

 

[DashMajor]

Soon Android watches will take place these analog watches.

Time really run fast and these Watch Makers needs to run with Time.

 

[Sanjeev]

HMT was a good brand my father too used this iconic brand but feeling so sad to hear that it is going to end it long journey
Good bye HMT we will miss you

 

[Technoglitch]

i have never worn HMT, either titan or fastrack.

 

[Sanjeev]

Even I use fast track watches bro and I am having 2 of them

 

[IndianMascot]

My Dad is still having his HMT watch with him.

 

[Technoglitch]

now many would feel nostalgic about HMT watches.

 

[DashMajor]

Most of are Dads having and used HMT.