Reliance to invest $221 mln in Sanmina JV for electronics manufacturing in India

Asian Tech Press (Mar. 3) -- Indian tycoon Mukesh Ambani's Reliance Industries Ltd. (RIL) said on Thursday it would invest 16.7 billion rupees ($220.65 million) to create a joint venture (JV) with U.S. firm Sanmina Corp. for making electronics in the Asian country.

The partnership is the latest move by Reliance Industries in response to Indian Prime Minister Narendra Modi's 'Make in India' drive.

According to a statement, a wholly owned subsidiary of Reliance Industries will invest up to Rs 16.7 billion in Sanmina's Indian entity to hold a 50.1% stake in the joint venture, which aims to manufacture hardware for 5G communications, cleantech, defense and aerospace.

The company said it will combine Sanmina's advanced manufacturing technologies with its business leadership in the country, making the joint venture a world-class electronics manufacturing hub in India.

(US$1 = 75.6857 Indian Rupees)

You must be login to post a comment.