ONGC, GAIL look to bid for Jubilant arm

Company with interest in Assam block is under insolvency resolution

Oil and Natural Gas Corporation (ONGC) and GAIL India may end up being the first public sector undertakings (PSUs) to take over a company undergoing an insolvency resolution.

Among big PSUs, Steel Authority of India and NTPC Ltd had in the past examined stressed assets to buy out their private owners.

According to multiple sources close to the insolvency proceedings, the two state-run majors are in the fray for JEKPL (formerly Jubilant Energy Kharsang Pvt Ltd), a subsidiary of Hari Bhartia-promoted Jubilant Energy.

The company, which filed for a corporate resolution under the Insolvency and Bankruptcy Code because it could not pay its