He told The Financial Express that the multi-function sports watches priced between Rs 500-700 would have the features of a stop-watch including dual time, alarm, etc, and would be aimed at the 15-30 age group.

"This comes in keeping with our strategy to enter the youth segment and bring HMT into the minds of the youngsters. We are planning an image change with the launch of this range,'' said Siddalingaswamy. The initial launch would include 30 to 40 models and the company was looking at a sales target of over three lakh watches across the country he said. However, the brand name was as yet to be finalised, he added.

The millennium watch would be a variation of the existing Janata model and is scheduled to roll out by January 1, 2000. "We are planning to bring in two models to cater to both the higher and middle price segment. Both would be gold-plated and are likely to be priced between Rs 500-Rs 1000,'' Siddalingaswamy said. Initially, the company plans to release 50,000 pieces aimed at becoming collectors' items for the millennium.

Sagar, Shreyas and Pace are the three existing brands in the low-priced segment (Rs 345 to Rs 500) that would also be a part of the promotion drive.

The 100 millionth watch slated to be manufactured in December would be presented to a dignitary to kick-start HMT's millennium celebrations, he added.