Billionaire Mukesh Ambani-led Reliance Industries Ltd is set to acquire the assets of Vadodara-based Kemrock Industries and Exports Ltd, it said in a stock-exchange disclosure.
Reliance Industries bought the assets through an online e-bidding process held recently by Allahabad Bank, leader of the 11-bank consortium that had given loans to Kemrock. The assets in question were taken over by the lenders under the SARFAESI Act, 2002.
The value and details of the acquired assets were not disclosed.
The move will facilitate Reliance’s foray into the composites business, and the assets will help it strengthen its petrochemicals portfolio, the filings stated.
Kemrock was engaged in the business of manufacturing and exporting fibre-reinforced composite products for sectors such as aerospace, defence and chemicals. According to the tender notice for the sale of assets, it owed the lenders Rs 1,652 crore.
Reliance Industries is India’s largest private-sector company. It posted a consolidated turnover of Rs 3,30,180 crore and a net profit of Rs 29,901 crore for the year ended March 2017.
In July, Reliance said it planned to buy 24.92% in television and movie production house Balaji Telefilms Ltd for Rs 413.28 crore.