GAIL (India) Limited (NSEI:GAIL) has emerged as the highest bidder for JBF Petrochemicals Limited with a INR 18 billion resolution plan that is the best of the three offers received for the bankrupt company at the expiry of the August 30 bid deadline, sources in the know told ET. GAIL has outbid an Oil and Natural Gas Corporation Limited (NSEI:ONGC)- Indian Oil Corporation Limited (NSEI:IOC) consortium and the Kolkata-based MCPI Private Limited, the two other bidders. ET had first reported on May 27 that seven expressions of interest had been received for JBF Petrochemicals including from Reliance Industries Limited (NSEI:RELIANCE), Lakshmi Mittal HPCL JV, two Jindal companies, Haldia Petrochemicals Limited group company MCPI, and a consortium of ONGC and Indian Oil Corp.

Reliance Industries, which was widely expected to bid for the company, has not come up with a concrete offer. The three bids were opened at a meeting of the company's creditors on September 1, 2022. GAIL's resolution plan includes an upfront payment to lenders, a fresh infusion of funds into the company to revive its operations and tenuring of part of the liabilities into longer-term debt, the sources said.

As per the law, the three final bidders could be allowed one more chance to better their bids. GAIL and JBF Petrochemicals resolution professional Sundaresh Bhatt did not respond to ET's queries.