Shipping rates hamper overseas trade ambition of HMT
The Hindu
HMT Chairman Dr. S.M. Patil claimed that the company’s competitors in the export markets are placed in an advantageous position. He wanted to know whether there could be any means by which the HMT could get its raw material at international prices.
Shipping rates are an inhibiting factor so far as the competitive character of HMT goods in the overseas export markets is concerned, according to Dr. S.M. Patil, Chairman of HMT.
On January 2, Dr. Patil announced the formation of HMT International, which is taking over HMT’s exports from the company’s export division.
Dr. Patil said HMT’s competitors in the export markets are placed in an advantageous position. He wanted to know whether there could be any means by which the HMT could get its raw material at international prices.
Dr. Patil, who is also chairman of the new subsidiary, said that the HMT International had been formed with a share capital of ₹25 lakhs. It would not only cover HMT’s own exports, but would also market products of other companies.
The plan is to increase HMT’s exports threefold to ₹12 crore a year in the next three years. When HMT’s total annual production is scheduled to reach the ₹100 crore mark in the next five years, the exports are expected to go up to ₹20 crore a year.
“The new subsidiary would be mainly instrumental in achieving this goal,” he said.
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