RIL: Reliance made a joint venture with this company to create an electronic manufacturing hub, know details.

Integrated manufacturing solutions company Sanmina Corporation and Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited (RIL), have announced the completion of their joint venture transaction. According to media reports, after this joint venture, a world-class electronic manufacturing center will be established in India under Prime Minister Narendra Modi’s vision of Make India.

In a statement issued by both the companies, it has been said that after the joint venture, all the construction work will be done in the 100-acre campus of Sanmina. In future, new construction sites will be built based on the needs of the business. The day to day business under this JV will be managed by Sanmina’s management team in Chennai.

Ventures Limited (RSBVL) will hold 50.1 per cent stake in the joint venture while Sanmina Corporation will hold 49.9 per cent. RSBVL will invest Rs 1,670 crore in the existing Indian unit of Sanmina. Following this investment, the Indian arm of Sanmina will be converted into a joint venture with over $200 million in capital infusion.