HMT

HMT's watch division was established in 1961 when the Government of India entrusted Hindustan Machine Tools Limited with setting up India's first wristwatch manufacturing facility. The venture was a collaboration with Citizen Watch Company of Japan, who provided the technical expertise for micro-engineering that HMT lacked. The first batch of mechanical hand-wound wristwatches was released by Prime Minister Jawaharlal Nehru, who envisioned bringing time consciousness to the nation. The venture proved remarkably successful, with demand creating waiting lists that stretched for months. During the 1970s and 1980s, HMT was the largest supplier of wrist watches in India, helped by protectionist economic policies that discouraged foreign imports. In 1991, HMT produced nearly seven million watches—more than all domestic rivals combined. The company expanded to five manufacturing facilities across India: Bangalore (1962, 1972), Srinagar (1975), Tumkur (1978), and Ranibagh (1982). They also established specialized watch case manufacturing (1983) and began quartz analog production in 1981. HMT's decline began in the 1980s when Titan, backed by the Tata Group, entered the market with modern quartz watches. Despite HMT having quartz capability since the 1970s, they continued focusing on mechanical watches, failing to anticipate the quartz revolution. By the time they pivoted, it was too late. The liberalization of India's economy in the 1990s brought international competition, and HMT's watches began to look outdated. Continuous losses mounted—from $1.9 million in 2004 to $3.6 million in 2013. The Government of India finally closed HMT Watches Limited on May 1, 2016, ending 55 years of Indian watchmaking history.