VCCircle

Private equity fund Citigroup Venture Capital International seems to be on a PIPE overdrive. The firm has been off late focusing on investing in publicly listed companies. The PE arm of the banking giant Citigroup has made an additional investment of $125 million in JBF Industries' Singapore-based wholly owned subsidiary JBF Global Pte Ltd. This will take the total investment by CVCI in JBF to Rs 560 crore since June 2005, according to a report.
JBF said it would use the funds for expansions and overseas acquisitions of its international operations. JBF is listed with BSE and NSE. The Rs 2,000 crore company is the largest producer of textile grade polyester chips in India and is amongst the top three polyester partially oriented yarn (POY) manufacturers. JBF has also begun production at its joint venture polyester PET resin packaging plant, JBF RAK FZ LLC, formed jointly with the Ras Al Khaimah Investment Authority (RAKIA).
CVCI had recently invested $25 million in Shiv-Vani Oil & Gas and led a round of Rs 273 crore in Jai Balaji Industries, both PIPE deals, among others.