The letter of intent was issued on Sunday, following which Gail has to deposit 10% of its bid value or about Rs 200 crore as bank guarantee by Wednesday, said people familiar with the process. The takeover of JBF Petrochemicals by Gail will be a rare instance of a public sector enterprise buying out a distressed company since the Insolvency and Bankruptcy Code came into force in 2016.from Stocks-Markets-Economic Times
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