Funding Enhances JBF’s Global Manufacturing Capabilities
MUMBAI, India -- (Business Wire)
JBF Industries Ltd. (“JBF”), a leading manufacturer of polyester
value-chain products, has signed a definitive agreement with global
investment firm KKR under which KKR will invest US$150 million into JBF
Group, an entity that includes JBF’s international subsidiaries.
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A portion of the proceeds will be used by KKR to acquire a 20% stake in
JBF, listed on the BSE Ltd. and National Stock Exchange of India. The
remaining proceeds will be invested into zero-coupon convertible
preference shares with 14.5% voting rights in JBF Global Pte. Limited,
Singapore, an unlisted subsidiary. KKR will primarily make its
investment from the KKR Special Situations Fund II.
JBF Group manufactures polyester value-chain products ranging from
polyester chips, polyester yarn and films which are used in the
fast-moving consumer goods, textile and packaging industries. JBF Group
is one of the leading global players in the polyester segment, with six
manufacturing facilities across India, Bahrain, Belgium and the United
Arab Emirates.
“The funding provided by KKR will help JBF complete our ongoing
projects. KKR’s support will better enable JBF to grow our international
presence and support the Make in India campaign,” said Bhagirath
Arya, Founder and Executive Chairman of JBF.
Sanjay Nayar, Member & CEO of KKR India, said, “This type of investment
into a world-class company such as JBF is a great example of how KKR can
support Indian manufacturing companies providing value to global
customers.”
“This is a great milestone for KKR as we make our first investment in
India from our new Special Situations Fund,” added Nikhil Srivastava, a
Director at KKR and a member of the Special Situations team.
The transaction is subject to customary closing conditions, including
the receipt of shareholder approval and regulatory approvals from
competition authorities. Further details of the transactions were not
disclosed.
Fortune Financial & Equities Services Pvt. Ltd. is the exclusive
financial advisor to JBF Group.
About JBF Group
JBF Group is an Indian company with a global presence engaged in the
production of products across the polyester value chain. Its products
include Polyethylene Terephthalate (PET) chips which are of bottle
grade, textile grade and film grade; polyester yarn, such as partially
oriented yarn (POY), polyester filament yarn (PFY), full drawn yarn
(FDY) and other specialized yarn; and PET films, which are of thin
grade, thick grade and metallised grade. It operates out of three
domestic facilities – one in Gujarat and two in Silvassa – and three
overseas facilities in the UAE, Belgium and Bahrain. JBF is among the
top-10 producers of PET chips and of BOPET films globally. For
additional information on JBF, please visit JBF's website at www.jbfindia.com
About KKR
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com.
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Contacts:
JBF Industries
Valorem Advisors
Anuj Sonpal, +91 22 6673 0037
info@valoremadvisors.com
or
KKR
Asia-Pacific
Anita Davis, +852-3602-7335
anita.davis@kkr.com
or
KKR
Americas
Kristi Huller, +1-212-750-8300
kristi.huller@kkr.com
or
Edelman
(for KKR India)
Siddharth Panicker, +91-9820-857-522
siddharth.panicker@edelman.com
or
Vaishnavi
Ramakrishnan, +91-7506-932-067
vaishnavi.ramakrishnan@edelman.com
Source: KKR & Co. L.P.
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