Reliance ties up with Sanmina for electronics manufacturing in India
Reliance Industries, an Indian conglomerate, announced on Thursday that it would invest Rs. 16.7 billion (US$ 220.70 million) in a joint venture with Sanmina Corp, a publicly-traded company in the United States, to produce electronic products in the Asian country.
Reliance stated in a regulatory filing that the JV will develop gear for 5G communications, cloud infrastructure, healthcare systems, and defence and aerospace. After investing in Sanmina's existing Indian firm through a Reliance unit, billionaire Mukesh Ambani's Reliance would own a 50.1% stake in the JV. The JV will benefit from Sanmina's existing contract manufacturing business.
All manufacture will take place at Sanmina's campus in Chennai, India, with the prospect of expanding to other manufacturing locations around the country.
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