ONGC-IOC hikes JBF Petro bid over 2-fold, but still trails Gail
Mumbai: Gail India NSE -0.06 % is the frontrunner in what is now a two-pony race for JBF Petrochemicals, with the public sector gas transmission company comfortably trumping its rivals at the close of the second round of bankruptcy auctioning for the debt-laden borrower.
Gail’s ₹2,015-crore offer, translating roughly into a 60% haircut for all creditors, remained comfortably ahead of those by a consortium of Oil and Natural Gas Corp (ONGC NSE 1.22 %)-Indian Oil Corp (IOC NSE 0.61 %), and the Kolkata-based MCPI.
