Based on the options. it indicates that the substrate undergoes CR (Cannizarro) and then intramolecular esterification.
I am worried about which of the carbonyl groups acts as hydride donor, the CHO or CDO.
I am inclined to think that since the CDO carbon is more electrophilic, it will undergo CR faster.. but then rate determining step is hydride transfer for which CHO is more reactive.
But if the carbonyl carbon is not sufficiently electrophilic, i dont think that the initial nucleophilic addition would be quite viable..
So which carbonyl group will be the hydride donor?