India's iconic wristwatch brand HMT Watches will soon shut down as the losses are piling up. The company's net loss rose to 242 crores in 2012-13 from 224 crores in 2011-12. Since 2000 HMT Watches are running losses and despite taking several initiatives to revamp the business, all the efforts went vain.

HMT Watches was founded in 1961 with collaboration of Japan's Citizen Watch and went to become one of the iconic brands. The Union government and Board for Reconstruction of Public Sector Enterprises [BRPSE] have recommended the closure of the company and it will go to motion soon said an official. The Board of Directors were also informed about this and seems like they too are convinced.

As on March 31, 2013, HMT Watches has1,105 employees and soon they are likely to leave the company.

(AW: Vamshi)