ONGC, Indian Oil to make joint bid for JBF Petrochemicals
ONGC NSE 0.15 % and Indian Oil NSE -0.21 % will submit a joint financial bid for JBF Petrochemicals, the former said in response to ET’s queries on its interest to acquire the Mangalore-based bankrupt chemicals company under corporate insolvency process.
“ONGC has entered into a consortium with Indian Oil for the purpose indicated in your trailing email and is likely to submit a financial bid shortly,” an ONGC spokesperson said in an email reply. JBF NSE 1.79 % Petrochemicals is also on the wish list of private sector rivals such as Reliance Industries NSE 0.14 %.
