Clarification required from Indian JBF amid stake sale talks
According to local media reports, the company is in talks with Indorama Group, Reliance Industries and the Chatterjee Group for a stake sale, which is likely to pave the way for a change in the company’s management.
However, the companies above mentioned are yet to make an official statement.
The company’s stock on the BSE, meanwhile, soared nearly %20 following the news. The company had been previously downgraded by the rating agencies as a result of the delays in servicing its debts.
The company, on the other hand, reportedly attributed this to demonetization in India as well as the implementation of goods and services tax.
The startup of the company’s PTA plant located in Mangalore, India has also been postponed for several times since its commissioning.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Turkey PP, PE markets propelled higher by shipping bottlenecks in Sept
- Are record-high PVC prices the new normal amid enduring pandemic?
- European PVC up for 16th month in Sept, prices touch new highs
- Egypt’s PP, PE markets rise on tightness in September
- Logistics snarls propel import PP, PE offers higher in Europe
- Import PVC prices near all-time highs in India, disparity with China/SEA grows
- PP, PE supplies rise in China; demand lags behind expectations despite peak season
- Stats: China’s July PE imports increase after 3 months of declines
- Will Asia’s PS markets follow ABS higher on cost support?
- Sept PET expectations diverge in shade of opposite factors in Europe