Reliance Industries said on Thursday it would invest 16.7 billion rupees ($220.70 million) to create a joint venture (JV) with U.S.-listed Sanmina Corp. The JV aims to make hardware for 5G communications, cloud infrastructure, healthcare systems, and defense and aerospace, Reliance said in a regulatory filing.
Mukesh Ambani’s Reliance will hold a 50.1% stake in the JV after its investment in Sanmina’s existing Indian entity through a Reliance unit. All manufacturing will initially take place in the south Indian city of Chennai, with an option to expand within India.
Complete News Source : Business Standard
