M&A

M&A

RIL, HPCL-Mittal Energy, Jindal group among JBF Petro suitors

Economic Times  

Reliance Industries, an HPCL-Lakshmi Mittal joint venture and two Jindal group companies are among seven entities that have shown interest in buying bankrupt JBF Petrochemicals, a purified terephthalic acid (PTA) manufacturer with outstanding debt of INR 4,700 crore Others reported to be in the running are a consortium of ONGC and Indian Oil, GAIL, and MCPI (a Kolkata-based company that is the second largest producer of PTA in the country after Reliance Industries). The two Jindal group companies include one run by Naveen Jindal and the second by his uncle BC Jindal. KKR-backed JBF Petrochemicals was admitted to the National Company Law Tribunal (NCLT) in January after an out-of-court settlement between the lenders and a consortium of Reliance Industries and Assets Care & Reconstruction Enterprise collapsed. IDBI Bank, Union Bank of India, Bank of Baroda, Indian Overseas Bank and EXIM Bank are the company's secured lenders. IDBI Bank accounts for 50% of the outstanding debt of the company.