 "power, electricity, thermal, plant")
Just a week before the deadline to submit financial offers expires, Jindal Power has exited the race to acquire bankrupt JBF Petrochemicals. This paves 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.
The American private equity and KKR-backed petrochemicals company, which has a plant in Mangaluru in Karnataka, had defaulted on bank loans worth Rs 5,000 crore.
The Naveen Jindal-owned firm was among the seven companies which had shown interest in JBF Petrochemicals as on June 9, but lost interest
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