Mukesh Ambani-led Reliance Industries (RIL) on Wednesday announced its foray into the composites, or new materials, business with its acquisition of assets of Kemrock Industries based at Vadodara in Gujarat.

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"RIL participated in an on-line e-bidding process held recently by Allahabad Bank, being leader of the consortium of 11 Banks to sell/dispose off assets of Kemrock Industries & Exports Ltd of Vadodara and has been declared as the winner in the said bid," an RIL statement here said.

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," it added.

RIL said it is in the process of complying with the necessary formalities for acquisition of the assets.