CCI approves USD 150-mn JBF Group-KKR Credit deal

The Competition Commission today approved polyster products manufacturer JBF Industries' USD 150 million deal with global investment firm KKR Credit.
In July, JBF Industries signed an agreement with global investment firm KKR, under which KKR would invest USD 150 million into JBF Group, an entity that includes JBF's international subsidiaries.
A portion of the proceeds would be used by KKR to acquire a 20 per cent stake in JBF, while the remaining would be invested into zero-coupon convertible preference shares with 14.5 per cent voting rights in JBF Global Pte, Singapore.
"@CCI_India approves acquisition of 20 per cent shareholding of JBF Industries and certain CCPS of JBF Global Pte Ltd by KKR Credit," the Competition Commission of India tweeted.

KKR would primarily make its investments from the KKR Special Situations Fund II.
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," JBF Founder and Executive Chairman Bhagirath Arya had said.
Besides, CCI also approved Agarwal Steel Structures' tower business sale to BS Limited.
"@CCI_India approves acquisition of Tower Business of Agarwal Steel Structures by BS Limited," CCI tweeted.

Hyderabad-based integrated power transmission and distribution services provider BS Ltd had announced plans to to acquire synergetic and operative assets from Agarwal Steels Structures India and three other companies.
It had proposed to invest a total Rs 937 crore for the transactions.