KKR may make additional investment in debt-laden JBF Industries to prevent lenders from taking the company to the bankruptcy tribunal, The Economic Times reported.

The infusion of fresh capital is part of Mumbai-based polyester maker’s debt restructuring proposal, the report said.
Citing a person aware of the development, the report said a formal proposal on the investment will be presented to the lenders.

The fresh infusion in JBF Industries will give KKR a controlling stake in subsidiary JBF Petrochemicals, the report said.

The banks have to restructure the loans of JBF Industries before 27 August otherwise the lenders may refer the company to the National Company Law Tribunal for bankruptcy resolution, according to the report.

As on 30 June, private equity major KKR held a 20% stake in JBF Industries.

In August 2017, Reuters had reported that JBF RAK, the UAE subsidiary of JBF Industries, was in talks to sell its plant in Belgium for up to €250 million ($298 million) to pare debt.

In another report, The Economic Times, citing two people aware of a development, said that KKR India Asset Finance, the real estate NBFC of global private equity firm KKR & Co., may provide Rs 1,800 crore ($260 million) debt to three projects in Mumbai.

KKR India Asset Finance will provide Rs 250-300 crore to a residential project of Paranjape Scheme Constructions in Thane. It will give Rs 750 crore each to a newly launched commercial office project of Lodha Developers in central Mumbai and a residential project of Shapoorji Pallonji in south Mumbai, the report said.

The development comes three months after KKR had promoted India Yesh Nadkarni to the head of KKR India Asset Finance.

Launched in 2014, KKR India Asset Finance has extended nearly $1 billion of real estate credit to companies.

Separately, budget hotels marketplace OYO Rooms, which is operated by Oravel Stays Pvt. Ltd, held discussions with Chinese internet conglomerate Tencent to lead a $300-500 million fresh funding round for the company, The Times of India reported, citing two people aware of the development.

OYO also held talks with Chinese strategic investors and a few financial players to raise funds, the report added.
Citing a person aware of the development, the report said most of the fundraise would be used to grow operations in China.

Last September, OYO had raised $250 million (Rs 1,600 crore) in its Series D round led by SoftBank Group Corp.

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