IOC, ONGC together will make bid for JBF Petrochemicals

ONGC and Indian Oil will submit a joint financial bid for JBF Petrochemicals, which is under corporate insolvency process.

The submission of EoIs constitutes the first step. After that, interested parties can conduct due diligence on the target company before submitting financial bids to purchase it. JBF Petrochemicals, a manufacturer of purified terephthalic acid, or PTA, has debt of ₹4,700 crore. The Deadline for financial bids to JBF Petrochemicals According to people familiar with the matter, it is expected that the issue will be resolved by the end the month.