Sanmina Corporation and Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries (RIL), have completed the previously announced joint venture transaction.
Sanmina Corporation is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market.The joint venture (JV) will create a world-class electronic manufacturing hub in India. This partnership will leverage Sanmina's 40 years of advanced manufacturing experience. The JV will prioritize high technology infrastructure hardware, for growth markets, and across industries such as communications networking (5G, cloud infrastructure, hyperscale datacenters), medical and healthcare systems, industrial and cleantech, and defense and aerospace.
All the manufacturing will take place at Sanmina's 100-acre campus in Chennai, with the ability for site expansion to support future growth opportunities as well as to potentially expand to new manufacturing sites in India over time based on business needs.
The day-to-day business will continue to be managed by Sanmina's management team in Chennai, which will be seamless from an employee and customer perspective.
RSBVL's principal activities are trading of goods and holding strategic interests in businesses and providing business support services.
RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services. The conglomerate reported 40.8% increase in consolidated net profit to Rs 19,443 crore on 56.7% increase in net sales to Rs 2,19,304 crore in Q1 June 2022 over Q1 June 2021.
Shares of RIL rose 1.8% to end at Rs 2417.10 on the BSE.
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