CVCIGP II Client Rosehill Limited,Mauritius and their affiliates which are within the structure of Citigroup Venture Capital International Growth Funds, managed by Citigroup, is investing a sum of USD 118 million into JBF Global Pte Ltd, Singapore, subsidiary of JBF Industries Limited by way of fully convertible securities. These funds are meant to be used for international operations of the Company.
JBF Industries Limited, a Rs 1,611 crores , leading manufacturer of Polyester Chips and Polyester Yarn. Headquartered in Mumbai, JBF is India's largest polyester chips producer and third largest POY producer post its recent expansions.
The company has a total of 4 units – 3 at Silvassa and 1 at Sarigam. JBF was initially set up as a POY manufacturer in 1996, and gradually integrated backwards into polyester chips in 2001. JBF Industries is the largest polyester chips manufacturer and 3rd largest POY manufacturer in India.
The Company has began production at its RAK plant, a USD 90 million plant in Emirates, a joint venture with RAKIA (Ras Al Khaimah Investment Authority) for setting up a Polyester PET resin packaging in the Emirate of Ras Al Khaimah The plant, a world class manufacturing facility with a capacity of 900t/day polymerization with a production of 600t/day of SSP chips, and 300t/day Polyester Film will address the three large markets of USA, EU, Middle East & Africa .
This is the first plant of this size set up by an Indian company in the Emirates. The new facility started its first phase production in July 2007. The Company has polymerisation capacity of 900 TPD. In the 2nd Phase " JBF RAK FZ LLC" expects to start production of Polyester Film (BOPET) by quarter ending 31st December 2007.
JBF Industries Ltd has set up a subsidiary JBF Global Pte Ltd in Singapore. JBF RAK FZ LLC will be part of JBF Global Pte Ltd.
Says Mr B C Arya, Chairman, JBF Industries Ltd “We are well placed as a manufacturer of Polyester and Polyester Chips to address the global markets. Our expertise in project planning and management has been well proved with our success in our expansions in our Sarigram Plant and in the RAK plant."
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