KKR will acquire the petrochemicals subsidiary of JBF Industries Ltd in a deal that will help the Mumbai-based polyester maker avoid bankruptcy.
JBF Petrochemicals will pay Rs 450 crore to its parent to settle inter-corporate deposits.
KKR had invested $150 million for a 20% stake in JBF Industries and to buy zero-coupon compulsorily convertible preference shares with 14.5% voting rights in its Singapore-based subsidiary JBF Global Pte Ltd, which fully owned JBF Petrochemicals.
