ONGC and GAIL begin talks to acquire JBF Petrochem
Oil and gas explorer ONGC NSE -1.97 % and natural gas transmission and marketing company GAIL NSE -2.79 % India have separately initiated preliminary talks with lenders of KKR-backed JBF Petrochemicals to explore the possibility of acquiring the distressed company, which is on the block, said two people with knowledge of the matter.
The offers from the state-owned entities came within months of Assets Care & Reconstruction Enterprise (ACRE) and Dubai-based entity Citax Energy giving indicative offers to the lenders, the people said.
