HMT watches:Timekeepers of the nation run out of the time

Lucknow: Tick..tick, finally stops for HMT, a trusted and prized wrist watch brand of India for over 50 years.

Introduced by the then Prime Minister of India, Pandit Jawahar Lal Nehru, the Hindustan Machine Tools (HMT) wrist watches had been a valued possession for every Indian till recently. Known for its zero maintenance, low cost and alluring models these watches were not only the status symbol for Indians but were passed down to one generation to another to keep family traditions alive.

The legendary chronograph ruled the Indian wrists for more than five decades but is now shutting down after incurring a loss of Rs 242.47 crores. The HMT was suffering losses for more than a decade and was unable to pay honorarium to its employees.

Introduced in 1961:

• The HMT limited came into existence in 1961 with Japanese watch company—Citizen.
• The first manufacturing unit of HMT watches was set up in Bangalore.

The tagline:

• The timekeepers to the nation—was the tagline of the HMT.
• It was widely said that the attire of an office goer was incomplete without an HMT wrist watch during the 1980s and 1990s.

The HMT Janata:

• The HMT Janata, was one of the most loved models of the brand. From the then Prime Minister Indira Gandhi to yesteryear Bollywood actor Dharmendra and his son were famous admirers of this model.
• The HMT Janata was one known for its simple and beautiful design.
• HMT Kanchan, Sona, Vijay and Pilot were other popular watches of this brand.

Watch a documentary here:

And the watch stops ticking:

• The HMT watches were financially very successful till the late 90s but were lost ground to competitors who entered the market later.
• The company even failed to understand that why the demand for their watches slumped.
• The companies Srinagar project failed to take off as a rival watch company made its foray.
• The company was in acute financial crisis by the commencement of year 2000.
• The company's total losses in 2012-13 totalled about Rs 250 crores.

Fact factory:

• 1961: Government-supported HMT sets up the first watch-manufacturing unit in collaboration with M/s Citizen Watch Co., Japan, in Bangalore. Then Prime Minister Pandit Jawaharlal Nehru inaugurates the first batch of watches.
• 1965: Hegde-Golay, an Indo-Swiss collaboration, is established in Bangalore.
• 1981: Allwyn is established in the watch industry in 1981 in collaboration with Japanese brand Seiko; it is one of the leading manufacturers of mechanical and quartz watches in the country.
• 1984: Titan Watches is incorporated with the aim of making analogue electronic watches in over 150 designs.
• 1990: A joint venture agreement between Titan Watches Ltd and Timex Watches is signed; the association lasts till 1998.
• 2011: Timex Watches launches Versace watches in India.
• 2016: The government announces the closure of HMT.