ONGC, Indian Oil to make joint bid for JBF Petrochemicals
ONGC NSE 0.19 % and Indian Oil NSE -0.42 % 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 0.89 %
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