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KKR to acquire Mumbai-based JBF's petrochemical unit

Sep '18
Private equity firm KKR’s credit arm KKR Jupiter Advisors will acquire the petrochemicals subsidiary of JBF Industries Ltd in a deal that will help the Mumbai-based polyester company avoid bankruptcy, JBF said in a stock-exchange filing. The company, in which KKR already holds a 20 per cent stake, however, did not specify the overall deal value.

After the deal gets over by September 30, JBF will no longer consolidate the unit’s debt of ₹3,022 crore in its own accounts, it said.

JBF Petrochemicals will pay ₹450 crore to its parent to settle inter-corporate deposits, according to Indian media reports.

Apart from partly repaying its debt, JBF Industries will use the funds raised for working capital requirements to bolster its operations to full capacity over the next two quarters.

The deal is part of a debt restructuring scheme that JBF Industries had proposed to its lenders. JBF reportedly has a total debt of about ₹11,000 crore.

JBF Industries was founded in 1982 as a yarn texturing company and went public in 1986. It makes polyester products ranging from chips, yarn and films which are used in fast-moving consumer goods, textile and packaging industries. (DS)

Fibre2Fashion News Desk – India

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