Global private equity firm US-based Kohlberg Kravis Roberts (KKR, New York / USA; www.kkr.com) is to invest around USD 150m in Indian polyester and packaging group JBF Industries (Mumbai; www.jbfindia.com). JBF will use the funds to complete its USD 600m petrochemical plant at Mangalore, while a portion of the proceeds will be used by KKR to acquire a 20% stake in JBF from the Arya family, whose stake in the company will reduce to 34%, and pay off some of the company’s debt.

JBF is presently working to complete the USD 600m, 1.25m t/y PTA plant, which is being constructed on 102 acres of land at the Mangalore, Karnataka special economic zone. The facility will be the largest of its type in India, and commissioning was originally scheduled for mid-2015.

Bhagirath Arya, founder and executive chairman of JBF, said: “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.”

JBF awarded the engineering contract for the PTA facility, which will be based on technology from BP (London / UK; www.bp.com), to Technip (Paris / France; www.technip.com) in early 2013 – see Plasteurope.com of 29.01.2013.