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Clarification required from Indian JBF amid stake sale talks

by ChemOrbis Editorial Team -
  • 20/10/2017 (16:42)
India’s Bombay Stock Exchange (BSE) has asked Indian JBF Industries to clarify the news suggesting that the company was in search of buyers for a possible stake sale, the media reported.

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.
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