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| Exchange Disseminated Time | With reference to the news item which appeared in a leading financial daily titled "Govt may clear Rs 750-cr revival package for HMT", HMT Ltd has clarified to BSE that as can be seen from the news report, the Company has not issued any Press Release or briefed the Press with regard to the matters appeared in the same. It is a fact that the Company has submitted Revival Plans to the Government in respect of its subsidiaries, which envisages financial restructuring, technology upgradation, modernisation etc., and the same is under consideration by the appropriate authorities including the BRPSE. The Company is not aware of any decision by the Government for "release of Rs 7500 million for the Company and some of its Subsidiaries including the tractor manufacturing facility at Pinjore" and announcement of the revival package by the Ministry of Heavy Industries and Public Enterprises, as reported.
As regards the Statement that an MOU may be signed between HMT Tractors and Mitsubishi to manufacture multi utility vehicles at Pinjore, the Company has been continuously looking around for new technology for diversification and upgradation of its facilities from world-renowned manufacturers including Mitsubishi, as a continuous strategy for business development. The Company has not arrived at any decision for entering into any strategic alliance or MOU with Mitsubishi for manufacture of multi utility vehicles as stated in the news report. |
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