RIL to buy Kemrock Industries’ assets

September 06, 2017 10:45 pm | Updated 10:45 pm IST - MUMBAI

Reliance Industries Ltd. has emerged as the successful bidder for the assets of Kemrock Industries & Exports, a move that will help RIL enter the composite business. KIEL is a Vadodara-based manufacturer of fibre-reinforced composite materials. “RIL participated in an on-line e-bidding process held by Allahabad Bank, leader of the consortium of 11 Banks to sell assets...,” RIL said in a statement, without disclosing the price.

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 assets will pave the way for Reliance to foray into new materials (Composites and Carbon Fibre) and further strengthen its petrochemicals business portfolio, said the statement adding that the Company is in the process of complying with the necessary formalities for acquisition of assets.

RIL shares on BSE closed up marginally at ₹1,644 in a weak Mumbai market on Wednesday.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.