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Our Bureau

Coimbatore, June 23

The Board for Industrial and Financial Reconstruction (BIFR) has sanctioned the rehabilitation scheme of HMT Machine Tools Ltd, the wholly owned subsidiary of HMT Limited, for immediate implementation.

The rehabilitation scheme is based on the revival plan of HMT Machine Tools Limited approved by the Government of India during March 2007 envisaging funds infusion in the form of equity and preference shares, conversion of Government of India loans into equity and waiver of interest on Government of India loan.

The rehabilitation scheme also envisages various concessions and reliefs from various stakeholders like banks, creditors, investors, statutory authorities etc. apart from the merger of Praga Tools Limited, Hyderabad, another subsidiary of HMT Ltd with this company effective from April 1, 2007.

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