Bombay Dyeing reported that sale of a textiles processing unit at Ranjangaon, Maharashtra for Rs. 230 crore to Oasis Procon has been annulled due to failure of the latter to make required payments on time. Oasis Procon has forfeited the earnest money of Rs. 25 lakh after it failed to complete the proposed transaction and make the requisite payments according to the terms provided in the ‘Term Sheet’ which now stands automatically cancelled.
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.
