Indian conglomerte Reliance Industries (RELIANCE, BOM:500325) subsidiary Reliance Strategic Business Ventures partnered with Nasdaq-listed Sanmina to create an electronic manufacturing joint venture in India.
The JV will set up a manufacturing technology hub to support product development and the network of electronics hardware start-up in India.
Reliance Strategic Business Ventures will own a 50.1% stake of the joint venture, while the remaining 49.9% stake will be held by Sanmina.
As part of the deal, the Reliance Industries unit will invest up to 16.70 billion Indian rupees ($220.4 million) in new shares in Sanmina’s Indian entity Sanmina SCI India, while US-based Sanmina will contribute its contract manufacturing business.
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09:34 Mar 03, 2022 MT Newswires