Feroze 1888 Mills & Indus Dyeing annul agreement

Feroze 1888 Mills and Indus Dyeing and Mills have decided not to proceed with any arrangement after considering and evaluating feasibility of the projects.

Both Feroze 1888 Mills and Indus Dyeing Mills by issuing a notification on the exchange announced that they “have decided not to proceed with any arrangement in this respect and that the MoU stands expired” between the two companies.

Earlier in December, 2017 Feroze 1888 Mills in a bid “to achieve capacity enhancement and market expansion for its towel manufacturing and sale business” had entered in to an Memorandum of Understanding with Indus Dyeing and Manufacturing Company.

Both the companies in separate notices informed the exchange that, “Feroze 1888 Mills and IDML have concluded evaluating the feasibility/viability and have decided not to proceed with any arrangement in this respect and that the MOU stands expired.”