Citibank Venture Capital International Growth Funds is Investing USD 118 Million into the Singapore Subsidiary of JBF Industries Limited by Way of Fully Convertible Securities.

Mumbai, Maharashtra, India

CVCIGP II Client Rosehill Limited, Mauritius and their affiliates (which are within the structure of Citigroup Venture Capital International Growth Funds, managed by Citigroup) is investing a sum of USD 118 million into JBF Global Pte Ltd., Singapore, subsidiary of JBF Industries Limited by way of fully convertible securities. These funds are meant to be used for international operations of the Company.

JBF Industries Limited, a Rs 1,611 crores, leading manufacturer of Polyester Chips and Polyester Yarn. Headquartered in Mumbai, JBF is India's largest polyester chips producer and third largest POY producer post its recent expansions. The company has a total of 4 units - 3 at Silvassa(Union Territory) and 1 (new chips plant with 216,000 MT capacity) at Sarigam (also in Gujarat). JBF was initially set up as a POY manufacturer in 1996, and gradually integrated backwards into polyester chips in 2001.JBF Industries today (JBF) is the largest polyester chips manufacturer and 3rd largest POY manufacturer in India.

The Company has began production at its RAK plant, a USD 90 million plant in Emirates, a joint venture with RAKIA (Ras Al Khaimah Investment Authority) for setting up a Polyester PET resin packaging in the Emirate of Ras Al Khaimah The plant, a world class manufacturing facility with a capacity of 900t/day polymerization with a production of 600t/day of SSP chips, and 300t/day Polyester Film will address the three large markets of USA, EU, Middle East & Africa. This is the first plant of this size set up by an Indian company in the Emirates. The new facility started its first phase production in July 2007. The Company has polymerisation capacity of 900 TPD. In the 2nd Phase " JBF RAK FZ LLC, expects to start production of Polyester Film (BOPET) by quarter ending 31st December 2007.

JBF Industries Ltd has set up a subsidiary JBF Global Pte Ltd in Singapore. JBF RAK FZ LLC will be part of JBF Global Pte Ltd.

Says Mr B C Arya, Chairman, JBF Industries Ltd "We are well placed as a manufacturer of Polyester and Polyester Chips to address the global markets. Our expertise in project planning and management has been well proved with our success in our expansions in our Sarigram Plant and in the RAK plant. We will look at inorganic and organic growth for expansion to address the global market. We are proud of the faith that Citigroup placed in us. They had invested in our earlier expansion plans and their investments again in our new expansions indicate the success they have had with their investments in JBF Industries. We are committed to creating stakeholder value by managing growth effectively "

JBF Industries Limited, announced its results for the quarter ending June 30, 2007. In Q1 FY 07-08, JBF registered Net turnover of Rs 494.38 crores as against Rs 287.63 crores in corresponding quarter previous year .An increase of 71.88 %. The net profit in the same period increased from Rs 16.54 crores to Rs 26.47 crores for the Q1 FY-07-08.

As against the previous quarter net profit increased by 44.72%. As against the previous quarter there was increase of 4% in net turnover.

EBIDTA for the quarter is Rs 60.72 crores as compared to same quarter previous year of Rs 34.97 crores, an increase of 73.63 %. The EBIDTA for the previous quarter (Q4- 2006-2007) was Rs 52.17 crores.

Basic EPS (not annualized) for the first quarter of 2007- 2008 was Rs 4.87 compared to Rs 3.35 for the previous quarter. YoY growth was 3.39 %.

In the quarter ended June 2007, the profit before tax was Rs 39.29 crores as against Rs 22.08 crores in the same period in the previous year. An increase of 77.94%. The PBT increased by 22.17% as against the previous quarter .

Exports for the quarter ended June 2007 was Rs 68.18 crores as against Rs 29.23 crores in the same period for the year 2006-2007. An increase of 133.25%.

The POY capacity was 1,50,000 TPA. The plant was running at almost full capacity throughout the quarter. The company's Polyester Chips capacity was 3,36,000 TPA for manufacture of Polyester. The plant was running at almost full capacity throughout the quarter.

To view the unaudited financial results please click on the links below:

Financial Result

Source: JBF Industries Ltd. (Business Wire India)

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