Sanmina Corporation (Sanmina), a leading integrated manufacturing solutions company, and Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited (RIL), announced that they have successfully completed the previously announced joint venture transaction.

Sanmina’s 40 years of sophisticated manufacturing experience will be combined with Reliance’s experience and strength in the Indian business environment. Day-to-day operations will continue to be overseen by the Sanmina management team in Chennai, ensuring continuity for employees and customers.

In line with the Hon’ble Prime Minister’s ‘Make in India’ vision, the joint venture would establish a world-class electronics manufacturing cluster in India.

The collaboration will target high-tech infrastructure equipment for growth markets and industries, such as communications networks (5G, cloud infrastructure, large-scale data centers), medical and healthcare systems, industries and clean technologies, defense and aerospace, the company said on Tuesday.

In addition to supporting Sanmina’s existing customer base, the joint venture will establish a state-of-the-art ‘Manufacturing Technology Center of Excellence’, which will serve as an incubation center for India’s product development and hardware startup ecosystem, as well as promote the research and innovation of cutting-edge technologies.

The company further highlighted that all manufacturing will take place at Sanmina’s 100-hectare campus in Chennai, with the option to expand to meet future development prospects and perhaps expand to other manufacturing sites in India over time, depending on business demands .

Reliance Industries was trading at Rs 2,399 apiece, up 1.04% from its previous close of Rs 2,374.30 on the BSE. The scrip opened at Rs 2,398.45 and touched an intraday high and low of Rs 2,407.05 and Rs 2,390.35 respectively.

For comments and suggestions, write us at editorial@iifl.com



Source link