03 Mar , 2022 By : monika singh
Reliance Industries Limited’s subsidiary Reliance Strategic Business Ventures Limited and US-based manufacturing firm Sanmina Corporation have entered an agreement to create a manufacturing joint-venture to make electronics in the country, the companies said Thursday, backing the government’s ‘Make in India’ initiative. Mukesh Ambani– owned Reliance will invest Rs 1,670 crore in new shares in Sanmina’s existing Indian entity and own 50.1% equity stake in the JV while Sanmina will own the rest, the companies added.
“The joint venture will create a world-class electronic manufacturing hub in India, in line with the Hon’ble Prime Minister’s “Make in India” vision,” Reliance said in the statement. All the manufacturing will take place in Sanima’s Chennai factory, and will aim to expand sites across India. The companies will manufacture electronics hardware with a priority on high technology infrastructure hardware, according to the statement. The JV will also manufacture goods across industries such as communications networking (5G, cloud infrastructure), medical and healthcare systems, industrial and cleantech, and defense and aerospace.
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