Newsline-International | July 2015
Wadias to exit textile biz
One of the oldest textile businesses in India, Bombay Dyeing & Manufacturing Company, is selling the last of its textile manufacturing units, as competition from the unorganised sectors, growing imports from Taiwan, China and Bangladesh have rendered its factory nonviable. The Wadia Group´s flagship textile processing unit at Ranjangaon in Pune is being sold on a slump sale basis, or without assigning specific values to individual assets and liabilities, for Rs 230 crore to a firm called Oasis Procon.
The Ranjangaon facility was built after the Nusli Wadia-led company decided in 2005 to undertake a strategic business restructuring and shut down manufacturing activities in two prime Mumbai locations. Those Mumbai sites are being monetised as real estate assets.