<h1>Government Approves Closure of HMT Companies, Offers Retirement Packages to Employees Amid Financial Losses.</h1> The Cabinet Committee on Economic Affairs, led by the Prime Minister, approved the closure of HMT Watches Ltd., HMT Chinar Watches Ltd., and HMT Bearings Ltd. due to ongoing financial losses. Employees will receive attractive voluntary retirement or separation packages based on 2007 pay scales, funded by a Rs. 427.48 crore cash assistance. The companies' assets will be disposed of according to government policy. This decision is part of a broader strategy by the Department of Heavy Industry to manage loss-making Central Public Sector Enterprises, either through revival efforts or closure with compensation for employees.