A consortium of 11 banks, led by Allahabad Bank had conducted an e-auction to sell off Gujarat-based Kemrock Industries after it defaulted on loan repayments under the Sarfaesi (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act.
Reliance Industries led by the Mukesh Ambani acquired Kemrock Industries & Exports after the latter’s lenders put up the company and its assets up on the block. This 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