Billionaire Mukesh Ambani’s Reliance Industries has bought over distressed bank assets of Vadodara-based Kemrock Industries and Exports Ltd Kemrock of Kalpesh Patel, a plastics and composites maker, through an auction.

While RIL did not disclose its winning bid’s size, the auction notice by the lenders put the reserve price for the asset at just over ₹673 crore. and the MD of kemrock – Kalpesh Patel .