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Oasis Procon and Bombay Dyeing deal falls through

According to a stock market disclosure, the deal signed with Oasis Procon, by Wadia Group’s textile firm Bombay Dyeing & Manufacturing Company (BDMC) has been cancelled by the Wadia Group. The deal was for the sale of its textiles processing unit at Ranjangaon in Maharashtra.

The Delhi-based a textile manufacturer, Oasis Procon was required to complete the proposed transaction by July 31, 2015, according to the term sheet; however, it did not meet the deadline.

Bombay Dyeing had agreed to sell the textiles processing unit to Oasis Procon for Rs 230 crores ($36.2 million) in May 2015. The company also decided not to engage in the business of export of bed linen or bed linen fabric to the US for five years from the closing date as per the terms of the deal. The deal is part of the company’s plan to raise funds to repay existing loans, enhance working capital, and for other general business purposes.

Now, for the sale of this unit, Bombay Dyeing will negotiate with other potential buyers and seek the approval from its shareholders at the appropriate time. However, this won’t impact the company’s existing retail business Home & You.

www.bombaydyeing.com

 
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