Reliance to build world class electronic manufacturing hub in India, join hands with it
New Delhi: Reliance Industries Limited (RIL) has also geared up to make Electronics Manufacturing Hub in India. For this, the company’s wholly owned subsidiary Reliance Strategic Business Ventures Limited (RSBVL) has decided to join hands with Sanmina Corporation. Together, the two companies will form a joint venture. Reliance will invest Rs 1670 crore in this.
Reliance holds 50.1% stake
Reliance will hold 50.1 per cent stake in this joint venture. Reliance will invest Rs 1670 crore in the existing Indian unit of Sanmina. However, the management of the JV will remain with the existing team of Sanmina.
what will the company make
The JV will give priority to communication networking such as 5G, cloud infrastructure, hyperscale datacenters. It will also manufacture high technology hardware for industries such as health systems, industrial and defense and aerospace. The company has described it as in line with Prime Minister Modi’s “Make in India” vision. The JV will continue to serve Sanmina’s existing customers as before, besides creating a state-of-the-art ‘Manufacturing Technology Center of Excellence’, which will promote the eco-system of product development and hardware start-ups in India.
Along with meeting the domestic needs, there will be exports too.
Jure Sola, President and CEO, Sunmina, said, “We are extremely excited to partner with Reliance to create an integrated manufacturing company in India. This JV will serve the needs of both domestic and export markets and complement the Government of India’s vision of “Make in”. India will prove to be a milestone.
need to be independent
Akash Ambani, Director, Reliance Jio, said, “We will be delighted to work with Sanmina to access the important market for high-tech manufacturing in India. India’s growth and security are essential to being self-reliant. Telecom, IT, Self-reliance in electronics manufacturing for data center, cloud, 5G, new energy and other industries is essential as we move into a new digital economy. Through this partnership, we plan to foster innovation and talent in India while meeting Indian and global demand.
