Oil-to-telecom conglomerate Reliance Industries today said it has acquired assets of Kemrock Industries and Exports Ltd for undisclosed sum to enter the composites and carbon fibre manufacturing business.
The company "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 Ltd of Vadodara (Gujarat) and has been declared as the winner in the said bid," RIL said in a statement.
Participation in the auction, it said, was part of RIL'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," the statement said.
RIL, the largest private sector company that operates the world's biggest oil refinery complex at Jamnagar in Gujarat, is in the process of complying with the necessary formalities for acquisition of assets, it added.
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