RIL to acquire Kemrock Industries' assets in e-bidding
Mukesh Ambani -led Reliance Industries on Wednesday announced it has won the bid to acquire Gujarat-based Kemrock Industries' assets in an online e-bidding process for an undisclosed amount."Reliance Industries Ltd participated in an online e-bidding process held recently by Allahabad Bank being the 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," the company said in its statement. Elaborating on its rationale to bid for this company, RIL said, it helps foray into new materials like composites and 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 ...