A consortium of Oil and Natural Gas Corporation Limited (NSEI:ONGC) and Indian Oil Corporation Limited (NSEI:IOC), besides GAIL (India) Limited (NSEI:GAIL) and Kolkata-based MCPI Private Limited have submitted formal bids to take over Mangalore-based bankrupt company JBF Petrochemicals Limited, two people familiar with the deal said. Three others - Reliance Industries Limited (NSEI:RELIANCE), a consortium of HPCL-Mittal Energy Limited and BC Jindal Group's Jindal Poly Films Limited (BSE:500227) - which had submitted expressions of interest have stayed away from placing formal bids for the chemicals company, the people said on condition of anonymity as the information is still private. "Banks have received three bids, which will now be opened and evaluated for both the quality and quantity on offer," said one of the persons cited above.

Tuesday was the last day for submission of bids. ONGC has confirmed its interest in JBF Petrochemicals, ET had reported in its August 23, 2022 edition. GAIL and MCPI did not reply to an email seeking comment till press time.

GAIL is India's leading gas trading, transmission and petrochemicals company, with a 70% market share in gas transmission in the country.