Indian state owned manufacturing company HMT has unveiled a new strategy to increase its overall turnover to INR30bn ($550m) over the next five years.

The tractors to watches manufacturer and marketer will raise INR2bn ($36.7m) to invest in the expansion of its tractors’ capacity, engine production and also to roll out superior quality watches, reported Economic Times.

Commenting on the growth plans HMT CMD S G Sridhar has said that the manufacturer intends to achieve revenues worth INR18bn by 2017.

The company presently has negligible tractor market share that is evident from the sale of only 4,000 units in the current year.

HMT is reportedly attempting to raise INR4.5bn from the givernment for a INR1.3bn debt restructuring and infusing money for capital expenditure, which involves trebling its tractors production capacity to 30,000 every year in two years.

The company is also keen on launching a new range of premium watches to enhance its sales to INR500m during fiscal year 2013 – 14 against its current revenues of INR200m.

"We will target youth segment and institutions for our new watches and we plan to clock sales of Rs 50 crore during next fiscal and Rs 450 crore in next five years from this segment," said Sridhar.