Jindal Power exits race to buy JBF Petro

Jindal Power has reportedly exited the race to acquire bankrupt JBF Petrochemicals a week before the deadline to submit financial offers. This has paved the way for Mukesh Ambani-owned Reliance Industries (RIL) and L N Mittal-backed HPCL-Mittal Energy and government-owned companies to make an offer for the stressed company by August 8, as per reports. The American private equity and KKR-backed petrochemicals company, which has a plant in Mangaluru in Karnataka, had defaulted on bank loans worth Rs 50 billion.