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 products,” RIL said in its press statement. The assets will pave the way for Reliance to foray into new materials (composites and carbon fiber) and further strengthen its petrochemicals business portfolio, RIL added.
Analysts, however, see it as a smart move to gain technology access in the Fiber Reinforced Plastic (FRP) segment.”Kemrock allows access to technologies, which are not available with most companies, making it a good buy. In addition, with RIL’s existing presence in Vadodara, it is a good expansion,” said an analyst with a domestic brokerage firm who did not wish to be identified.
The company was filed with Board for Industrial and Financial Reconstruction (BIFR) in November 2015. It is a fully integrated manufacturer of Fibre Reinforced Composite Materials.Based on the latest data available,Kemrock as of September 2013 had a total debt of Rs 712.03 crore.
The Maharashtra government, police, BMC and other agencies are all set for a mammoth Maratha ‘mook’ (silent) procession that will be taken out on Wednesday, officials said. While the authorities anticipate participation of between 500,000-800,000 Marathas from across the state, the organisers are optimistic the figure could be more than three million.
Senior Congress leader Narayan Rane told media persons that the procession, starting at 11 a.m. from Byculla, will be peaceful and orderly, silent, have no political speeches and will end at Azad Maidan in south Mumbai by 5 p.m.a delegation will call on Chief Minister Devendra Fadnavis and submit a memorandum of our demands. The main is reservations for the Maratha community in jobs and education, besides others, he said.
The Marathas have started trooping into Mumbai since early Tuesday from all over Maharashtra to take part in the morcha, 58th in the series of processions being held in different parts of the state since August 9, 2016. They have been reaching the state capital by trains, private vehicles, trucks, tempos and even two-wheelers, while waving Maratha flags and sporting bright orange turbans.
The Mumbai Police has geared up with over 7,000 personnel, including commandos, armed police, plain clothes officers assigned for providing security during the procession.There will massive traffic diversions,important roads either closed or made one-way, arterial roads opened, etc, to ensure smooth passage for the procession participants, said Deputy Commissioner of Police Rashmi Karandkiar..
The government has ordered Reliance Industries (RIL) to pay a penalty over an arbitration award on its Panna Mukta and Tapti (PMT) oil field, the company has informed BSE in a statement on Tuesday. The company, however, said the notice was premature.
“RIL as part of the contractor for Panna Mukta and Tapti production sharing contracts, has been notified by [the] Government of India (GOI) of its computation of the purported share of GOI’s Profit Petroleum and Royalty alleged to be payable by the contractor pursuant to the GOI’s interpretation of Arbitration Tribunal’s final partial award dated 12 October 2016,” RIL said in its statement to BSE.”Government’s demand notice is premature. The quantification of liabilities (if any) of the parties arising out of the partial award have to be determined by the Arbitration Tribunal after the Parties have made their respective submissions on quantification,” it adds further.
An RIL executive said the amount was still to be decided by the arbitration court though media reports quoted a figure of $3 billion as penalties. RIL and Shell hold 30 per cent stake each in PMT fields while the remaining is with state-owned Oil and Natural Gas Corp (ONGC).
- In October 2016, a London-Based arbitration plan ruled in favour of the Centre on recovery cost from RILand BG Group (now part of Shell) for the PMT oilfields. This was an interim award and final arbitration award was to follow procedural. .Read More