By: ICN Bureau
Last updated : June 03, 2023 7:37 am
JBFPL has become a wholly-owned subsidiary of GAIL with effect from 01.06.2023
GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals which it had acquired in bankruptcy proceedings. The firm had in March won bankruptcy court approval for taking over JBF.
GAIL (India) Limited has infused Rs. 2,101 crores (Equity - Rs. 625.00 crore and Debt - Rs 1,476.00 crore) towards Total Resolution Plan amount in JBF Petrochemicals Limited (JBFPL) on 01.06.2023. Pursuant to implementation of Resolution Plan, GAIL said in a stock exchange filing.
Accordingly, JBFPL has become a wholly-owned subsidiary of GAIL with effect from 01.06.2023. This is in compliance of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.