3 Mar 2022
Reliance Signs $221 Million Deal with Sanmina in Electronics Production Venture
The Index Today
Reliance Industries Ltd., a top India-based conglomerate, has teamed up with California’s Sanmina Corp to establish a joint venture aimed at manufacturing electronics in a deal worth $221 million.
As per an exchange filing which took place on Thursday, Reliance Industries’ Reliance Strategic Business Ventures Ltd. will own 50.1% shares in the undertaking with the remaining shares apportioned to Sanmina SCI India Pvt. Production is set to begin initially at Sanmina’s 100-acre campus in Chennai, India.
The deal, which is set to help diversify Reliance Chair Mukesh Ambani’s investment portfolio, is aimed at creating advanced technological interventions to power various industries including healthcare, defense and aerospace, and communications networking.
Akash Ambani, Ambani’s elder son and Director at Reliance Jio Infocomm Ltd. said, “For both growth and security, it is essential for India to be more self-reliant in electronics manufacturing in telecom, IT, data centers, cloud, 5G, new energy and other industries as we chart our path in the new digital economy.”