Srinagar, June 11: The Valley-based industrialists today hailed the Parliamentary Standing Committee on Industries Sector for advocating “handover of defunct HMT factory at Srinagar to the state government.”
 President, Federation Chamber of Industries Kashmir (FCIK), Zahoor Ahmad said: “We welcome the announcement by the Committee. It is good that the state takes over the possession of defunct HMT factory along with all its assets.”
 Zahoor said there are presently 111 employees working in the HMT factory, of which 61 have already opted for voluntary retirement scheme and “I believe rest can also opt for the VRS.”
 “We will be happy if the state government takes back the possession of the unit,” Zahoor said.
 Pertinently, the factory, according to sources, has around 500 kanals of land which can be used for developing industrial estate to house micro and small scale industrial units.
 Shakeel Qalandar, noted industrialist, said: “It was our demand that in case of closing down the HMT factory, the land leased out by the state industries department should be returned to it, so that same could be used for prospective industry.”
 Qalandar added: “But at the same time, it is unfortunate that government of India failed to revive the only public sector undertaking established by it in the Valley.
 To mention, a 25-member Parliamentary Committee headed by Rajya Sabha Member, Tiruchi Siva, started three-day tour of the state from summer capital on Sunday.
 The Committee held a meeting with a team of officers of the HMT Chinar Watches Ltd and representatives of the State Government to review the performance of the HMT unit.
 Sources said that after detailed discussion in the meeting, the Committee directed the Managing Director, HMT factory, Paul Raj to either explore the possibility of making the unit functional like it was in pre-1990s era, or handover the entire property to the state government for better use towards industrial promotion.
 Sources said the MD was also asked to take final decision within shortest possible time. However, it was stressed that company should decide the fate of remaining employees before taking any decision.

Lastupdate on : Mon, 11 Jun 2012 21:30:00 Makkah time
Lastupdate on : Mon, 11 Jun 2012 18:30:00 GMT
Lastupdate on : Tue, 12 Jun 2012 00:00:00 IST