GAIL infuses Rs 2,100 crore in insolvent chemical firm JBF Petrochemicals
India’s largest gas firm GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals Ltd that it had acquired in bankruptcy proceedings.
The firm had in March won bankruptcy court approval for taking over JBF.
In a stock exchange filing, GAIL (India) Ltd said it has “infused Rs 2,101 crore (equity – Rs 625 crore and debt – Rs 1,476 crore)” in the committed bankruptcy resolution plan.
“Accordingly, JBF has become a wholly-owned subsidiary of GAIL with effect from June 1, 2023,” it said.
