KOCHI: HMT Machine Tools Limited targets Rs 2000 cr revenue by 2020 with various projects in the pipeline, said company managing director B M Shivashankar at a press conference here on Friday.
He added that the company has signed a memorandum of understanding for 11 joint-venture projects with foreign companies.
“The policy of the Central Government is to develop indigenous products for defence and atomic energy sectors. In line with the policy of the government to collaborate with foreign companies, HMT plans to develop products which are being imported now.
The MoU for technical exchange was signed with companies in the US, Japan and Germany,” he said.An agreement has been signed with Switzerland to develop the control system indigenously, which is used in HMT units across the country, including the one at Kalamasserry, he added.
“An MoU was signed with Chestnut company in the US to develop surveillance-rescue instrument used in ships.
“The HMT has reached agreements with software firms to produce training simulators for Navy and surveillance systems for the Coast Guard. The company had also produced stainless steel screws used in chambers of nuclear reactors,” Shivashankar said.