India to invest $183.3 million in state-owned machine tool manufacturer

May 18, 2006

India’s state-owned HMT Machine Tools Ltd. reportedly is in line to receive a cash transfusion of $183.3 million that the country’s current government sees as an investment to revive the ailing company.
The country’s ministry for heavy industry recommended the booster package for the five machine tool manufacturing units of HMT Ltd., which is based in Bangalore.
The financial restructuring package includes conversion of debt into equity, a fresh infusion of operating capital, and funds to upgrade technology, production facilities and machinery.
(Compiled from wire reports.)