Bombay Dyeing and Manufacturing has said that its loss widened to Rs 65.64 crores for the quarter ended September 30, 2015, against that of Rs 34.43 crores in the same period of previous fiscal.
Total income from operations, on a standalone basis, fell by 20.26 per cent to Rs 438.99 crores as against Rs 550.54 crores in the April-June quarter of previous fiscal. The operations of the company's textile unit at Ranjangaon, Maharashtra have been temporarily suspended from June 1, 2015 in view of the proposed sale of the unit.
Bombay Dyeing had agreed to sell the textiles processing unit to Oasis Procon for Rs 230 crores 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.
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