The state-owned Gas Authority of India Ltd (GAIL) has won a bid to take over debt-stricken chemical manufacturer JBF Petrochemicals.
JBF Petrochemical, a subsidiary of JBF Industries, was originally set up in September 2008 to produce 1.25 million tonnes per annum of purified terephthalic acid (PTA). However, in 2017, JBF was forced to stop operations due to the company failing on its loans.
Media outlets reported that the cost of the bid was more than Rs20 billion (€240 million) and GAIL is currently awaiting approvals from the bankruptcy tribunal to complete the take-over process.
