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Which of the following companies are close or left the market?

Which of the following companies are close or left the market? Correct Answer HMT

The correct answer is HMT.

Key Points

  • HMT:
    • HMT Limited a Central Public Sector Enterprise under the Ministry of Heavy Industries and Public Enterprises of the Government of India
    • It was established in Bangalore in 1953 to produce machine tools required for building an industrial edifice for the country.
    • HMT played a key role in laying the foundation for the evolution of engineering and manufacturing capabilities in the country.​
    • HMT Tractor Division was established in Pinjore, Haryana in 1971 to manufacture HMT Tractors, Performance of the company started to decline in 1990.
    • It was closed in 2016, mainly due to mismanagement of the company. In the same year, the Indian government also shut down HMT Chinar Watches, HMT Bearings, and HMT Tractors.

Additional Information

  • Hindustan Motors:
    • Hindustan Motors Limited was established in 1942 at Port Okha in Gujarat.
    • Operations were moved in 1948 to Uttarpara in district Hooghly, West Bengal,
    • The company began the production of the iconic Ambassador.
    • Equipped with integrated facilities such as press shop, forge shop, foundry, machine shop, aggregate assembly units for engines, axles, etc, and a strong R&D wing.
    • The company currently manufactures the Ambassador (1500 and 2000 cc diesel,1800 cc petrol).​
    • The current CEO of Hindustan Motors: Prakash Sahu.
  • Nokia:
    • ​Nokia Corporation is a Finnish multinational telecommunication, information technology and consumer electronics company.
    • It was founded in 1865.
    • Nokia's headquarters are located in Espoo, Finland.

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