India's National Textile Corporation (NTC) on Monday confirmed it plans to revive 53 textile mills and diversify its activities to focus on the ready-made garment and hosiery sectors.

During a news conference, a top NTC official said its remaining 66 textile mills across India will be axed and up to 37,000 employees made redundant by the end of 2004 as part of a major restructuring exercise.

He added the corporation will also sell-off surplus land, buildings and machinery as it looks to claw back vital funds and reorganise itself as a major supplier of ready-made apparel to the middle classes.
ard at this time.