Reliance Industries announced that it would invest Rs 16.7 Billion in forming a joint venture (JV) with Sanmina Corp for making electronic products in India. The JV desires to make hardware for 5G communications, cloud infrastructure, healthcare systems, and defence and aerospace, Reliance said in a regulatory filing.
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Reliance will hold a 50.1 per cent stake in the JV after the investment in Sanmina’s existing Indian entity via a Reliance unit. Sanmina will contribute its existing contract manufacturing business to the JV. All manufacturing will initially occur at Sanmina’s campus in Chennai, with a plan for expansion in other manufacturing sites in the country.
