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RIL may be lone bidder for JBF Petrochem, which defaulted on Rs 5K-cr loan

JBF Petrochemicals, a Mangalore-based company, is up for sale for defaulting on bank loans worth Rs 5,000 crore

Petrochemicals plant

Representative Image

Dev Chatterjee
Reliance Industries (RIL) is likely to be the lone bidder for Mangalore-based JBF Petrochemicals, which is up for sale after defaulting on bank loans worth Rs 5,000 crore. The lenders for the second time extended the deadline for submission of bids, which had ended on August 20, as several players, including public sector companies, were redrawing their acquisition plans, said people in the know.

“There were several companies which had submitted their expressions of interest (EoIs) for the company but after due diligence decided to exit the race,” said a source close to the development. “The new deadline for submitting

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First Published: Aug 21 2022 | 2:35 PM IST

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