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Reliance Industries to acquire Kemrock assets

September 13/2017

MOSCOW (MRC) -- Reliance Industries Limited (RIL), the oil-to-telecoms conglomerate, said it would buy assets of Kemrock Industries and Exports Ltd, in a move to enter the composites and carbon fibre manufacturing business, as per the company's press release. 

RIL said it won an e-bidding process for Kemrock Industries, a company based in Gujarat. The e-bidding process was conducted by a consortium of 11 banks, led by Allahabad Bank.

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.

The company is in the process of complying with the necessary formalities for acquisition of assets.

As MRC informed before, in February 2016, RIL was awarded a contract worth Rs. 100 crore to Petron Engineering Construction Ltd for its linear low density polyethylene (LLDPE) plant in Gujarat. The LLDPE plant is part of RIL's J-3 project in Jamnagar in the western Indian state of Gujarat. The J-3 project boasts of a petroleum refinery and allied petrochemical plants for the production of plastics and fibre intermediates.

Reliance Industries is one of the world's largest producers of polymers. Thus, the company produces among others polypropylene, polyethylene and polyvinyl chloride.
Author:Margaret Volkova
Tags:PE, LLDPE, compounding, fibers/filaments, compounds, Reliance Industries, India.
Category:General News
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