Hindustan Machine Tools, the ailing public sector undertaking, is attempting to revive its watch division.
The company, which went into a tailspin after the entry of private players into the Indian watch market, has now announced a marketing tie-up with Godrej & Boyce as its national distributor. After years of silence, the watch division has announced a new range of watches, which the company terms as trendy, sportive and designer collections.
According to B L Kaul, managing director, HMT Watches, each watch range has a distinct market segment and is aimed at substantially increasing the market reach and access for HMT watches. The company has manufactured and supplied over 110 million watches to date.
The company has announced three new range of watches, Sona Quartz, InoxGold, Automatic and Chuz.IT. 'Sona Quartz' is 24-carat pure gold plated watch with a price tag range between Rs 485 and Rs 750.
'InoxGold' is in oxidisable steel and gold and is a dress watch with two-tone finish in the price range Rs 1250 to Rs 1995.
'Automatic' is an eco-friendly and self-powered watch in the price range of Rs 1500-Rs 5000.
Chuz.IT is a designer watch with colourful dials and strap to match the attire and attitude and a scratch/corrosion resistant case in the Rs 595 -Rs 995 price range.
According to M S Zahed, chairman and managing director, HMT Limited, the company and its subsidiaries have embarked on a comprehensive process of transformation covering organisational, financial and product management areas.
Product rationalisation and development and revamping of marketing and distribution network is also under process identified by the company, he added.
Recently, the government of India announced a revival package and the company on its own is trying to generate cash by selling real estate.
HMT's product portfolio comprises tractors, machine tools, watches, high precision bearings and exports.