Dubai: Manufacturer JBF RAK, which is 60 per cent owned by the UAE’s Ras Al Khaimah Investment Authority (Rakia), is in talks with banks about renegotiating around Dh2 billion ($544.6 million) of debt, banking sources told Reuters.

The polyester producer, which according to its website is an affiliate of India’s JBF Group, has contacted lenders about reviewing its debt obligations, said the sources, who spoke on condition of anonymity as the matter is not public.

JBF RAK and Rakia did not respond to a Reuters request for comment. JBF RAK manufactures a synthetic fibre and resin which is not only spun into fabrics but also moulded into disposable bottles for beverages, shampoo and liquid soap.