NEW DELHI: Betting on the Indian manufacturing sector with an eye on exports, bulge-bracket private investor KKR has agreed to invest $150 million (Rs 930 crore) in Mumbai-based polyester maker JBF Industries for a minority stake. KKR will be investing Rs 491 crore to subscribe to fresh equity shares of listed JBF Industries through a preferential allotment that will give it a 20% stake. The remaining amount will be invested in JBF Global Pte Ltd, the Singapore arm of the company, through zero coupon compulsorily convertible preferred shares with 14.5% voting rights, the company informed the stock exchanges. KKR will make its investment from the KKR Special Situations Fund II. JBF Group manufactures polyester value-chain products ranging from polyester chips, polyester yarns and films that are used in the fast-moving consumer goods, textile and packaging industries. JBF Group is one of the leading global players in the polyester segment, with six manufacturing facilities in India, Bahrain, Belgium and the United Arab Emirates. “The funding by KKR will help JBF complete… ongoing projects,” said Bhagirath Arya, founder and executive chairman of JBF. “KKR’s support will better enable JBF to grow our international presence and support the Make in India campaign.” The move is an example of the role private capital can play in boosting the economy. “This type of investment shows that increasingly Indian promoters are willing to take lastminute financing to complete existing projects and bank financing can only do that much and no more,” said Sanjay Nayar, member and CEO of KKR India. “Private capital is available for world-class companies as well. This will also help restart Indian manufacturing.” Nikhil Srivastava, a director at KKR and a member of the special situations team, said, “This is a great milestone for KKR as we make our first investment in India from our new Special Situations Fund.” JBF closed at Rs 300.65 on Friday, down 2%. The Sensex gained 1.48%. KKR is increasingly becoming active in the special situations market in India, helping promoters complete stalled projects through equity, debt or structured investments. KKR is also backing Rishi Agarwal of ABG Group in a similar fashion to help it finish a cement plant in Gujarat that has been stuck for years.