PE Fund Investments
RIL arm to buy 50% stake in high-tech components maker Sanmina SCI India for Rs.1,670-Cr
Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), is to form a joint venture with US-based, Nasdaq-listed integrated manufacturing solutions company Sanmina Corporation. The JV will be formed through an investment in Sanmina's Indian entity Sanmina SCI India Pvt Ltd (SIPL). RSBVL will hold a 50.1% equity stake in the joint venture entity with Sanmina owning the rest. RSBVL will invest INR 1,670 crore in new shares in Sanmina's existing Indian entity, while Sanmina will contribute its existing contract manufacturing business. The JV will be capitalised with over USD 200 million in cash to fund growth. The joint venture will prioritise high technology infrastructure hardware, for growth markets, and across industries such as communications networking (5G, cloud infrastructure, hyperscale data centers), medical and healthcare systems, industrial and cleantech, and defence and aerospace.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
