JBF Petro: Other bidders get chance to match GAIL’s offer

Mumbai: Lenders to the insolvent JBF Petrochemicals have given the second and third highest bidders until September 17 to match or beat GAIL NSE 0.38 %’s leading bid to take over the company.

In a meeting on Tuesday, lenders have told the two bidders – a consortium of Oil and Natural Gas Corp (ONGC) and Indian Oil Corp NSE 0.28 %, and Kolkata-based MCPI – to increase their bids in case they want to compete. GAIL also has been given the option to increase its offer, three people familiar with the process said.