InvestorQ : Has Reliance won the bid for JBF group?
Rashi Mehra made post

Has Reliance won the bid for JBF group?

Archita Jajjoo answered.
2 months ago

Reliance has not won the bid but has emerged as the sole bidder for the beleaguered JBF Petrochemicals, a unit of JBF Industries. It had defaulted on bank loans to the tune of Rs5,000 crore. Reliance was the only one left in the race after other bidders opted out after the due diligence. IDBI Bank lent $464 million to JBF Petro to set up the 1.25 million TPA plant to manufacture purified terephthalic Acid. Reliance, acquired the secured assets of JBF Industries, from CFM Asset Reconstruction Private, making it the sole bidder now.