Reliance Industries (RIL) will be acquiring assets of Kemrock Industries & Exports. The company has participated in an on-line e-bidding process held recently by Allahabad Bank being leader of the consortium of 11 Banks to sell / dispose off assets of Kemrock Industries & Exports of Vadodara (Gujarat) and has been declared as the winner in the said bid. This participation is a part of RIL’s efforts to enter the Composites business and establish a leadership position in this large and growing market in India.
The assets will pave the way for Reliance to foray into new materials (Composites and Carbon Fibre) and further strengthen its petrochemicals business portfolio. The company is in the process of complying with the necessary formalities for acquisition of assets.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
