RIL buys the assets of Kemrock Industries, to foray into composites materials
By Nikita Singh |
9/7/2017 12:01 PM Thursday
Indian conglomerate giant Reliance Industries Limited became the top bidder in a major sell off of assets of the Vadodara based composite materials manufacturer ‘Kemrock Industries & Exports Limited’.
The online bidding of the assets of was held by a consortium of 11 banks led by Allahabad Bank on Wednesday.
The development was a significant step by the company to make an entry into the composites business and ensconce in the growing market of composites business in India.
Besides, the assets of Kemrock Industries & Exports Limited will also aid Reliance Industries to foray into new materials (Composites and Carbon Fibre) and strengthen its petrochemicals business portfolio.
Composites are widely utilized in a variety of applications and industries including the renewable energy business, mass transportation, infrastructure and several other industrial products.
RIL is in the process of complying with the necessary formalities for acquisition of assets.
On Thursday, September 7, Reliance Industries Limited was trading at Rs 831.20 per share at 09:25 hrs IST, up by over 1 per cent on NSE. However, in the intraday trade the stock traded flat at Rs 822.95 per share, up by 0.03 per cent on NSE.
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