September 6, 2017 / 12:49 PM / 6 months ago

Reliance Industries to buy Kemrock assets

(Reuters) - Reliance Industries Ltd, oil-to-telecoms conglomerate, said on Wednesday it will buy assets of Kemrock Industries and Exports Ltd, in a move to enter the composites and carbon fibre manufacturing business.

A man walks past an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, May 14, 2015. REUTERS/Shailesh Andrade/File Photo

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

Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Sherry Jacob-Phillips

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