He told shareholders at the company's annual general meeting here on Friday that a consultant has been appointed to value its Roha and Jamnagar textile units. Bombay Dyeing sought shareholder approval on Friday for the sale of these units.

The company will provide a VRS to around 600 workers this fiscal and last year saw 700 staffers opting for this route, Wadia said. To a shareholder's query, he said Bombay Dyeing has shelved its plans for the proposed terry towel project.

The textile business will have a rough ride for the first half of the current fiscal as the actual effect of falling cotton prices will be reflected only in the latter part, he said. The company has written off export debts worth Rs 50 lakh in the US, he added.

Export sales stood at Rs 240crore, he said and added that capex on power was Rs 40 crore. Net sales for the first quarter came down to Rs 206.51 crore from Rs 219.34 crore in the same period last year. Other income dropped to Rs 20.20 crore from Rs 20.22 crore. Gross profit (after interest but before depreciation, VRS compensation and taxation) was higher at Rs 20.24 crore as compared with Rs 19.38 crore. Depreciation stood at Rs 12.98 crore, up from Rs 12.94 crore while interest fell to Rs 17.56 crore from Rs 18.69 crore.

Total revenue for the first quarter was at Rs 226.71 crore as compared with Rs 239.56 crore. The company's paid up equity capital stood at Rs 41 crore. The shareholders have unanimously passed the resolution pertaining to the reappointment of directors including Keshub Mahindra and HN Sethna. The resolution for sale of the Jamnagar and Roha plants were also passed unanimously.

The company has stated in the AGM notice that while the Roha unit will be sold for an amount not less than Rs 3.34 crore, the price tag ofthe Jamnagar facility will not be lower than Rs 5 crore.