Related Keywords: at Rajjangoad in Maharashta, cancels deal signed with Oasis Procon, enhance working capital, sale of textile processing units, textile firm Bombay Dyeing and Manufacturing company, to repay existing loans, Wadia group
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.
