Genesis

JBF Glycol Limited was incorporated on 18.09.2008, to undertake setting up of 1.25 million tons per annum (154 ton per hour) of Purified Terephthalic Acid (PTA) Plant in the Special Economic Zone of Mangalore (MSEZ) in the State of Karnataka. The project is based on the process technology developed by British Petroleum (BP). PTA is an essential raw material for manufacture of polyester and is extensively used in producing textile, packaging, and film products. On 17.05.2011, the company was renamed as JBF Petrochemicals Limited (JBFPL).

The PTA Plant, a backward integration project of JBF Industries’ polyester plant, was about to be commissioned in 2017 but ceased operations after JBFPL defaulted on a loan that same year. On February 1, 2022, JBFPL’s led by IDBI Bank, initiated insolvency proceedings for JBFPL.

Hon’ble National Company Law Tribunal (NCLT), Ahmedabad has admitted JBFPL under Corporate Insolvency Resolution Process (CIRP) on 28.01.2022. In a first of its kind endeavour for a Central Public Sector Enterprise (CPSE), GAIL (India) Limited (GAIL) emerged successful in CIRP of JBFPL in competitive bidding seeing through major India petrochemical players in the process. GAIL was adjudged as a Successful Resolution Applicant and Hon’ble NCLT vide Order dated 13.03.2023 approved Implementation of GAIL’s Resolution Plan for JBFPL.

On 01.06.2023, GAIL has successfully completed fund infusion against the requisite Total Resolution Plan Amount and made JBFPL its wholly owned subsidiary. On 18.07.2023, JBFPL has been renamed as GAIL Mangalore Petrochemicals Limited (GMPL). GMPL has taken-up revival of the plant’s assets and machinery. It aims to commission and start commercial operations within two years.