INDIA: Dozens Of Textile Mills Facing Axe
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.
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