Reliance to Acquire Assets of Kemrock Industries

Reliance Industries Ltd (RIL) said that it will acquire the assets of Vadodara-based (Gujarat) Kemrock Industries and Exports Ltd to enter the composites business and establish a leadership position in this large and growing market in India.

The company said that it participated in an online e-bidding process held by Allahabad Bank, the leader of the consortium of 11 banks to sell/dispose off assets of Kemrock Industries. Reliance has been declared as the winner of the bid.

“This participation is a part of Reliance’s efforts to enter the composites business and establish a leadership position in this large and growing market in India. Composites are used in a variety of applications and industries such as renewable energy, mass transportation, infrastructure and a host of other industrial products,” the company in a statement.

The assets will pave the way for Reliance to foray into new materials (composites and carbon fibre) and further strengthen its petrochemicals business portfolio.