JBF Petrochemicals gets Rs 2100 crore from GAIL
Central public sector undertaking (CPSU) GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals Ltd. GAIL has acquired the firm in bankruptcy proceedings.
To complete GAIL's bankruptcy resolution plan, the sum will finance 625 crores of equity and 1,476 crores of debt. Post-purchase JBF would become a wholly-owned subsidiary of GAIL from 1 June 2023.
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