Reliance IndustriesBSE 0.30 % has acquired Gujarat-based Kemrock IndustriesBSE -4.90 % & Exports after the latter’s lenders put up the company and its assets up on the block, the Mukesh Ambani-led conglomerate said in a statement.
The acquisition will help Reliance Industries’ foray into new materials– composites and carbon fibre.
“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,” RIL said in the statement.
A consortium of 11 banks, led by Allahabad BankBSE 1.02 % had conducted an e-auction to sell off Kemrock Industries after it defaulted on loan repayments under the Sarfaesi (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act.
