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| Exchange Disseminated Time | With reference to the news item appearing in a leading financial daily titled "BEML ropes in HMT for metro rail coaches project", HMT Ltd has clarified to BSE that, the Memorandum of Understanding was executed between the Company and BEML on September 16, 2005 with the objective of establishment of State-of-Art Metro manufacturing facility and "Metro R&D Centre" at BEML complex, Bangalore. The Company will transfer the entire financial assistance sanctioned by Planning Commission / Government of India and routed through the Ministry of Heavy Industry to BEML. The Company shall assist in selection of plant & machinery as may be required by BEML and the Company shall be considered for supply of machinery, equipment including reconditioning of machine tools required for Metro Project.
This MOU is subject to necessary approvals by the Board of Directors and other components authorities of both the Companies. The comments on other details appeared in the news item may be obtained from BEML. |
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