ONGC, Indian Oil to jointly bid for JBF Petrochemicals

24 Aug 2022 CW Team

Reliance Industries, HPCL-Mittal Energy, Jindal Poly Films, Gail, Jindal Power, MCPI, and a consortium of ONGC and Indian Oil have submitted expressions of interest (EoI) for JBF Petrochemicals. The submission of EoIs is a first step, following which interested parties are allowed to carry out due diligence on the target company and then submit financial bids to acquire it. ONGC NSE 1.40 per cent and Indian Oil NSE -0.35 per cent will submit a joint financial bid for JBF Petrochemicals, the former reportedly shared on its interest to acquire the Mangalore-based bankrupt chemicals company under corporate insolvency process.

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