iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

ONGC-Indian Oil consortium, GAIL, and MCPI place bids to take over JBF Petro

1 Sep 2022 , 11:12 AM

ONGCIndian Oil Consortium, GAIL India, and Kolkata-based MCPI have presented formal bids to take over JBP Petrochemicals, a Mangalore-based bankrupt company.

Three others who had submitted expressions of interest – Reliance Industries, a consortium of HPCL-Mittal Energy, and BC Jindal Group’s Jindal Poly Films backed off from placing formal bids for the chemicals company, stated sources.

GAIL is India’s major gas trading, transmission, and petrochemicals corporation, accounting for 70% of the country’s gas transmission industry.

MCPI is a purified terephthalic acid (PTA) manufacturer that is part of The Chatterjee Group (TCG), which purchased MCPI from Mitsubishi Chemical Corporation in 2016.

Bankers anticipate a sizable recovery from the debt-laden chemicals manufacturer’s outstanding loans, which were admitted to bankruptcy proceedings in February.

Due to unsustainable debt, the business has been struggling for the greater part of a decade. After five years of attempting to find a buyer, lenders eventually decided to go the IBC route.

JBF Petrochemicals owes a total of $463 million (about Rs3,658 crore) in principle, the majority of which is owned by external commercial borrowings and foreign currency term loans.

Its topmost lender is IDBI Bank with $252 million of loans outstanding. Company’s other lenders include Indian Overseas Bank, Exim Bank, Union Bank of India, and Bank of Baroda. Its total outstanding debt is around Rs5,000 crore.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • GAIL
  • GAIL news
  • MCPI
  • news
  • ONGC News
  • ONGC-Indian Oil
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Most Read News

HeidelbergCement India Q4 net profit slides
29 May 2025|11:03 AM
Bata India logs a 24% dip in Q4 net profit
29 May 2025|11:01 AM
IRCTC Q4 net profit zooms to ₹358 Crore
29 May 2025|10:28 AM
Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.