TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Components: The solvent used in step (a) and (c) is selected from the group consisting of dipolar aprotic solvents (preferably selected from acetone, methyl ethyl ketone, ethylacetate or N,N-dimethyl acetamide (DMAc)).    TECHNOLOGY FOCUS - POLYMERS - Preferred Material: The carbon nanofibers have a diameter of 80-120 (preferably 100) nm and length of 5-10 mu m. They have high aspect ratio of greater than 10 (preferably 10-15). The phosphoric acid doped PBI has inherent viscosity of 0.1-0.5 dL/g and the polymer solution concentration is in the range of 0.2-0.3 wt %. The material comprises metal nanoparticles (2-60, preferably 15-25 wt.%). Preferred Process: The phosphoric acid doped PBI and the metal nanoparticles are incorporated on both the inner and outer walls of CNF (carbon nano fibers) by a process based on the wetting and capillary action of solvent medium. EXAMPLE - A three-necked flask was charged with PPA (500 g), 3,3'-diaminobenzidine (DAB)(10 g, 0.0467 mol) and the temperature was elevated to 140 degrees C. After complete dissolution of DAB, 5-tert-butylisophthalic acid (11.414 g, 0.0514 mol) was added; temperature was slowly raised to 170 degrees C and maintained for 5 hours under constant flow of nitrogen. The temperature was further raised to 200 degrees C and maintained for 14 hours. After completion of the reaction, temperature was lowered and the highly viscous reaction mixture was poured on to the stirred water to form polybenzimidazole having inherent viscosity of 0.47 dL/g using 0.2 gdL-1 polymer solution (P1) in N,N-dimethyl acetamide (DMAc). Carbon nanofibers (CNF) (1 g) were treated with hydrogen peroxide (200 ml, 30%) at 60 degrees C for 6 hours to give treated CNF (FCNF). FCNF (400 mg) was added to an aqueous ethylene glycol solution (ethylene glycol/water 3:2 vol./vol., 600 mL) and dispersed by sonication. In the next step, aqueous ethylene glycol solution of H2PtCl6 (517 mg in ethylene glycol/water 3:2 vol./vol., 900 mL) was added drop by drop with stirring. Subsequently, the mixture was kept under stirring for 5 hours at ambient temperature to achieve well dispersion of the components in the mixture. After the stirring process, the mixture was refluxed at 140 degrees C for 8 hours. The solid material was then collected by filtration and washed with water and dried under vacuum to obtain the Pt decorated CNF samples (S1). (S1) (1 mg) was added to (P1) (1 mL of 0.25 wt. % of the polymer solution) to get a uniform dispersion and to initiate the PBI entry into the cavity, the mixture was initially sonicated using a bathtype sonicator for 10 minutes and subsequently kept stirring for 10 hours at room temperature to facilitate PBI entry into the tubular region and homogeneous coverage along the inner and outer surfaces to give the nanocomposite Multifunctional Material.