Closure of HMT Watch Factory Cabinet Committee on Economic Affairs (CCEA) in its meeting held on 06.01.2016 has approved the closure of three subsidiaries of HMT Limited including HMT Watches Limited which includes Ranibagh unit in Uttarakhand. As per CCEA decision, the Government will assume the right to transfer immovable assets i.e., freehold land and /or buildings of the company to Central Government Ministries/Departments/Autonomous bodies under Central Government/CPSEs/PSBs at prevailing circle rate or market rate whichever is higher in consultation with the State Government wherever necessary. In the absence of willingness of any of the Central Government institutions as indicated above, the land may be sold/transferred to State Government or any other institution controlled by the State Government. The transfer of leasehold land shall be as per the lease agreement. However, till the immovable properties are taken over by the immovable properties are taken over by the Central Government these would be in the custody of HMT Ltd. the holding company. This information was given by Minister of State In the Ministry of Heavy Industries and Public Enterprises Shri Babul Supriyo in reply to a written question in the Rajya Sabha today.
