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Soma Textiles & Industries to sell Baramati unit on slump basis

27 Oct 2012

Soma Textiles & Industries has received an approval to dispose of the Baramati unit of the company either on slump basis and/or by way of any suitable mode(s) and on the suitable terms and conditions, including consideration which may be considered more beneficial for the company. The board at its meeting held on October 25, 2012 has approved for the same.

For the above the Directors/Senior personnel have been authorized to negotiate and finalize the deal with the prospective buyer, subject to necessary approval, permission and sanctions, as may required and/or applicable.

Further, the board has also decided to develop the open land at Ahmedabad and to project the scheme including sale of units to be constructed thereon, subject to finalization of consideration and other appropriate terms and conditions with Shayona Land Corporation for the purpose.

Soma Textiles & Industries produces wide range of shirting and bottom-wear categories in 100% cotton, polyester cotton blends and poly-cottons. It provides these finished fabrics in piece dyed, bleach and ready to dye (RFD) varieties. These fabrics are manufactured in plain, twill, satin weaves and various dobby designs.

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