Date:30/09/2004 URL: http://www.thehindubusinessline.com/2004/09/30/stories/2004093002691901.htm

Back `Bail out HMT Bearings'

Our Bureau

HYDERABAD: The Centre of Indian Trade Union (CITU), Hyderabad, has urged the Parliamentary Standing Committee on Industry to recommend to the Centre for providing sufficient working capital to help the HMT Bearings, Hyderabad, tide over a crisis.

HMT Bearings is a subsidiary of HMT Bangalore and the only bearing manufacturing unit in the country. The unit has run into problems due to wrong policies and was not able to generate working capital. All its loans should be converted into equity and relieve the unit from heavy interest burden, the CITU said in a press release.