Reliance to enter textile JV with China's Shandong Ruyi

MUMBAI (Reuters) - Reliance Industries Ltd on Tuesday said it will transfer its textile business into a new joint venture with China's Shandong Ruyi Science and Technology Group Co Ltd (Ruyi).

Reliance said it will receive a cash consideration for the deal, but did not disclose the amount.

The company will own a majority 51 percent stake in the JV, with the balance being owned by Ruyi, Reliance said in a statement.

(Reporting by Aman Shah in Mumbai; Editing by Anupama Dwivedi)