Lenders seek fresh bids for JBF Petrochem after firm fails to get offers

The firm, a step-down subsidiary of JBF Industries, owes some Rs 5,000 cr to the lenders; search is on to find a buyer for its stalled Karnataka project

Indian lenders are seeking fresh bids for JBF Petrochemicals (JPL) after the company failed to attract any bidders due to the ongoing Corona pandemic. The company, in which global private equity giant, KKR has an exposure of Rs 1,000 crore, was sent to the National Company Law Tribunal (NCLT) for debt resolution after it defaulted on its loans.

A banking source said JBF Petrochemicals, a step down subsidiary of BSE listed JBF Industries, owes around Rs 5,000 crore to the lenders and a search is on to find a buyer for its Karnataka project which has stalled for the last