HMT to retain its Nigerian JV stake

The Nigerian government had decided to retain the company's 15 per cent stake in its joint venture, Nigeria Machine Tools Ltd.

Indian machine tools maker HMT Ltd said on Monday the Nigerian government had decided to retain the company's 15 per cent stake in its joint venture, Nigeria Machine Tools Ltd.

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The Nigerian government, which held the remaining stake when the venture was set up in 1981, decided to privatise the firm and the highest bidder for the government's stake was privately owned Miramar International Ltd.

Shares in state-run HMT were down 0.6 per cent at Rs 82 in a weak Mumbai market.