Reliance Industries acquires assets of Kemrock
Industries Ltd. 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 Limited” of Vadodara (Gujarat) and has been declared as the winner in the said 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 assets will pave the way for Reliance to foray into new materials (Composites and Carbon Fibre) and further strengthen its petrochemicals business portfolio.