Reliance Industries Limited (NSEI:RELIANCE), an HPCL-Lakshmi Mittal joint venture (HPCL-Mittal Energy Limited) and two Jindal group companies are among seven entities that have shown interest in buying bankrupt JBF Petrochemicals Limited, a purified terephthalic acid (PTA) manufacturer with outstanding debt of INR 47,000 million, according to multiple sources. Others said to be in the running are a consortium of Oil and Natural Gas Corporation Limited (NSEI:ONGC) and Indian Oil Corporation Limited (NSEI:IOC), GAIL (India) Limited (NSEI:GAIL), and MCPI Private Limited. The two Jindal group companies include one run by Naveen Jindal and the second by his uncle BC Jindal.

The list of those interested could expand to as many as 12 by May 30, 2022 when the final tally is compiled by the company's resolution professional Sundaresh Bhatt, according to the people cited above. Others likely in the fray include Shanthi Gears Limited (BSE:522034) and CFM Asset Reconstruction Private Limited, according to them. PTA is an industrial chemical used for manufacturing textiles, food-grade plastics and bottles.

It is also used as a coating in the paint and steel industries. RIL, HPCL-Mittal Energy, Naveen Jindal-controlled Jindal Power and BC Jindal Group company Jindal Poly Films didn't respond to queries. Neither did ONGC, Indian Oil, GAIL, MCPI and Shanthi Gears.

CFM ARC could not be reached for comment. Bhatt declined to comment.