Once the India's largest watchmaker, HMT is now planning to sell a part of its land with aim to pay a pat of its debt. People close to the matter confirmed the fact that Hindustan Machine Tools India Ltd., one of the five subsidiaries of the company will be putting its 70 acre of land on sale soon.

While it is not the first time that HMT is selling its assets with a view to bank money to off load its debt but the developers are still very much interested in the deal as the company comes with a clean record.

However, the company currently earns less then 5% revenues from watches with the other subsidiaries such as HMT Machine Tools contributing Rs188.12 crore in fiscal 2008-09, and HMT Tractors Rs160.98 crore being the two largest sources of finance for the company.

But the Group as a whole made a loss of Rs. 351.5 crore on a revenue of Rs367.5 crore in FY 2008-09. The company also holds an additional 200 acres in Bangalore and around 1,500 acres across Hyderabad, Pinjore in Haryana and Kalamassery in Kerala.