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    Creative Commons License
    Rabble Rousing Random Ramblings by S Jagadish is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 Unported License.

    October 18, 2006

    From one hand to another

    This item hidden away in a corner of today's edition of "The Hindu" caught my attention. HMT Watch Factory bags Rs. 51-cr. order.

    I knew HMT had was in a pretty poor shape. So it came as a surprise to see them get an order. Perhaps I even felt happy. But I was most definitely aghast when I saw the details.

    HMT Watch Factory here will soon start manufacturing gold-plated watches, Chairman of HMT Ltd. M.S. Zahed has said.

    Mr. Zahed, who was here to participate in the 115th birth anniversary celebrations of Babasaheb Ambedkar and the 99th birth anniversary celebrations of Babu Jagjivan Ram, organised by the factory's Workers' Welfare Union on Tuesday, said the Tumkur watch unit had bagged a Rs. 51-crore order from Bharat Heavy Electricals Ltd. for the supply of gold-plated watches.
    Why does BHEL need gold-plated watches? Why does BHEL need Rs. 51 crores of gold-plated watches? I don't quite know of any heavy engineering which would need such a huge number of gold-plated watches.

    My gut feeling tells me that this is a transfer from one hand to the other. BHEL is doing well financially. HMT is not. Both are PSUs. Governments, political parties, trade unions and employees want HMT to survive. So the best way out is for BHEL to buy gold-plated watches for Rs. 51 crores. Maybe BHEL employees are in for a bonanza - a year-end gold-plated watch as a gift!

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