Chennai, May 25 (IANS): Textiles major Bombay Dyeing and Manufacturing Company Ltd on Monday said it has decided to sell off its textiles processing unit to Delhi-based Oasis Procon for Rs.230 crore.

In a regulatory filing with BSE, the company said its board has approved the sale of its textiles processing unit in Ranjangaon in Maharashtra to Oasis Procon Pvt Ltd along with tangible and intangible assets on slump sale basis.

The sale price is Rs.230 crore and the sum will be used to repay loans and reduce interest cost, the company said.

"As a term of the sale, the company has agreed not to directly and/or indirectly engage in the business of export of bed linen/bed linen fabric with any person in the territory of the US for a period of 5 years from the closing date," the company said.

Meanwhile, the company closed last fiscal with a net profit of Rs.20.35 crore down from Rs.24.34 crore posted during 2013-14.

The company's total income last year was Rs.2,386.42 crore down from Rs.2,656.23 crore.

The board has recommended a dividend of Re.0.80 per share for 2014-15.