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