InvestorQ : Is it true that GAIL has emerged as the highest bidder for JB Petrochem?
swati Bakhda made post

Is it true that GAIL has emerged as the highest bidder for JB Petrochem?

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Sam Eswaran answered.
1 month ago
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India’s largest gas transport and export company, GAIL India Ltd, has now emerged as the lowest and successful bidder for the company, JBF Petrochemicals. Even the committee of creditors are willing to approve GAIL as the successful bidder for debt-laden JBF Petrochemicals. Apart from GAIL, other bidders included ONGC, Reliance, IOCL etc.

However, there have been a spate of defaults by the bank. The company, JB Petrochem has already reneged on a loan commitment. It may be recollected that the investors are generally liked is good. JBF Petro was incorporated in September 2008 to commission a 1.25 MTPA Purified Terephthalic Acid (PTA) plant at Mangalore SEZ.

The stakeholders includes by ONGC and other oil companies
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