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Jindal Power exits race to buy JBF Petro; RIL, others in contention

L N Mittal-backed HPCL-Mittal Energy and govt-owned companies remain in contention for the bankrupt firm

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The other companies who were shortlisted included GAIL (India), Indian Oil Corporation, ONGC, Jindal Poly Films, and MCPI Private.

Dev Chatterjee Mumbai
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