Home / Knowledge / News / Textiles / Bombay Dyeing cancels Rs 230-cr sale of textiles unit
Bombay Dyeing cancels Rs 230-cr sale of textiles unit
17
Oct '15
Bombay Dyeing has said in a BSE filing that its proposed sale of a textiles processing unit at Ranjangaon in Maharashtra for Rs 230 crore to Oasis Procon has been cancelled due to failure of the latter to make required payments on time.

In May this year, the Bombay Dyeing board approved selling of its textiles processing unit at MIDC Industrial Area, Ranjangaon on a slump sale basis to New Delhi-based Oasis Procon Pvt Ltd.

According to the terms and conditions, Oasis Procon was obliged to complete the proposed transaction not later than July 31, 2015, Bombay Dyeing said in the BSE filing.

It said Oasis Procon forfeited the earnest money of Rs 25 lakh after it failed to consummate the proposed transaction and make the requisite payments according to the terms provided in the term sheet which now stands automatically cancelled.

The company had planned to utilise the proceeds to repay existing loans and reduce interest burden, among other business purposes. Bombay Dyeing had received shareholders' nod in June this year. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 30th May 2017

CAI estimates 2016-17 cotton crop at 340.5 lakh bales

Cotton Association of India (CAI) has retained its earlier estimate...

Courtesy: World Bank/Claude Renault

Textiles | On 30th May 2017

India’s economic fundamentals remain strong: World Bank

India remains the fastest growing economy in the world – economic...

Courtesy: Dollar Industries

Apparel/Garments | On 30th May 2017

Dollar Industries registers Rs 906 cr turnover in FY17

Hosiery major Dollar Industries Limited registered a turnover of Rs...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search