Bombay Dyeing cancels deals on sale of textile processing unit with Oasis

Wadia group’s textile firm Bombay Dyeing & Manufacturing Company Ltd (BDMC) cancels its deal signed with Oasis Procon Pvt Ltd for the sale of a textile processing unit at Ranjangaon in Maharashtra for Rs 230 crore in May this year.

As per the term sheet, Delhi-based textiles manufacturer Oasis was required to complete the proposed transaction by July 31. However, it failed to do so.

According to the terms of the deal, the company had decided not to export bed linen or bed linen fabric to the US for five years from the closing date.

The deal was part of the company’s plan to raise funds to repay existing loans, enhance working capital and for other general business purposes.
Bombay Dyeing offers linens, towels, home furnishings, leisure clothing, kids wear and other products. It was earlier the flagship firm of the Wadias, but the group has now diversified into several businesses including airlines, food, chemicals, petrochemicals, plantations, light engineering and real estate.

Bombay Dyeing will now negotiate with other potential buyers for the unit and seek approval from its shareholders at the appropriate time, it said in a stock-exchange filing. This will, however, not have any impact on the company’s existing retail business Home & You.

Recent Posts

Trivantage expands Batyline sling fabric line

Trivantage, a leading provider of fabrics, hardware, and accessories, has launched two new additions to the Batyline sling fabric range…

10 hours ago

TESTEX promotes sustainable textile practices

TESTEX has introduced the new Testex Circularity label, designed to support brands and manufacturers by focusing on extending the life…

10 hours ago

Better Cotton to promote sustainable cotton farming in Brazil

Better Cotton has launched a new programme to support the growth of eco-friendly cotton farming and encourage sustainable farming practices…

10 hours ago

INNOVERA shines in Karmuel Young’s convertible design

Modern Meadow proudly announced that Karmuel Young, founder of the Hong Kong-based menswear label, integrated the INNOVERA biomaterial into his…

4 days ago

XYXX launches fast-fry innerwear range with Tactel fabric

XYXX has introduced its latest innovation in men’s innerwear, featuring Tencel-enhanced Tactel fabric that enables fabric to dry up to…

4 days ago

Dhana Inc., Accelerating Circularity to advance sustainability in textiles

Dhana Inc. has partnered with Accelerating Circularity Inc. (ACP), a nonprofit organization focused on developing textile-to-textile recycling systems.

4 days ago