Reliance Strategic Business Ventures Limited (RSBVL), a full-shareholder affiliate of Reliance Industries Limited (RIL), has an agreement with Sanmina Corporation to create a joint venture to create a world-class electronic manufacturing hub in India.
RSBVL will hold a 50.1% stake in the joint venture entity with Sanmina with the remaining 49.9%, said Rild in a regulatory depot. 3. “RSBVL will realize this property primarily through an investment of 1 670 RS crore in the new shares of Sanmina’s. Existing Indian entity, while Sanmina will contribute to its existing contract manufacturing activity. Following investment, the joint venture will be capitalized with more than $ 200 million in money. to finance growth. “
The completion of the transaction is subject to customary closing conditions, including regulatory approvals, the RID added that the transaction should close at the latest on 2022.
Akash Ambani, Director, Reliance JIO, said, “We are delighted to work with Sanmina to access the high market opportunity for the manufacture of high technology in India. For growth and safety, it is essential that India is more autonomous in Telecom’s electronic manufacturing, data centers, data centers, cloud, 5 g, new energy and other industries, Because we open our way in the new digital economy. Thanks to this partnership, we plan to stimulate innovation and talent in India, responding to both Indian and global demand. “
The joint venture will prioritize high-tech infrastructure equipment, growth markets and industries such as communications networking (5G, cloud infrastructure, hyperscale data systems), medical systems and care. Health, Industrial and Cleantech, and Defense and Aerospace, Télécom’s conglomerate oil stated in the deposit.
In addition to supporting Sanmina’s current clientele, the joint venture will create a center of excellence in advanced technology manufacturing technology that will serve as an incubation center to support product development and hardware start ecosystem in India In addition to promoting research and innovation of advanced technologies, the official statement added.
As a result of the announcement, the sharing rile increased from 0.32% to RS 2406, while the Benchmark Sensex was up 353.52 points or 0.64% to 55 822.42.
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