Global alternative investment manager KKR, through its credit arm, has agreed to acquire 100 percent of JBF Petrochemicals, a subsidiary of India-based polyester manufacturer JBF Industries. The parent company, which reportedly has total debt of about INR110 billion (approximately US$1.6 billion), will use the funds to partly repay obligations to its lenders and will keep some amount for working capital requirements. Financial details of the transaction, which is expected to be completed by the end of September, were not disclosed.