Sanmina, Reliance wrap up electronics manufacturing JV deal
Sanmina Corporation, an American electronics manufacturing solutions company, has wrapped up the previously announced joint venture (JV) transaction with Reliance Strategic Business Ventures Limited (RSBVL), a fully-owned subsidiary of Reliance Industries Limited (RIL).
Announced in March 2022, the joint venture is for creating an electronic manufacturing hub in India, based at the 100-acre campus of Sanmina in Chennai.
The joint venture was formed via an investment of INR 1,670 crores by Reliance Strategic Business Ventures in Sanmina SCI India Private Ltd (SIPL), the Indian entity of Sanmina.
While Reliance Strategic Business Ventures will own a 50.1% stake in the Indian electronic manufacturing joint venture, Sanmina will hold the remaining stake of 49.9%.
Sanmina, Reliance Strategic Business Ventures wrap up electronics manufacturing JV deal. Photo courtesy of Raysonho @ Open Grid Scheduler / Scalable Grid Engine / Wikipedia.org.
The partnership is expected to make use of the 40 years of advanced manufacturing experience of Sanmina and Reliance’s know-how and position in the Indian business ecosystem.
The daily business activities will continue to be handled by Sanmina’s management team in Chennai.
The Sanmina, Reliance joint venture will make high technology infrastructure hardware a priority, targeting growth markets, and across industries like communications networking, industrial and cleantech, medical and healthcare systems, and defense and aerospace.
According to Sanmina, the joint venture will build a ‘Manufacturing Technology Center of Excellence’ which will work as an incubation center for supporting the product development and hardware start-up ecosystem in India apart from promoting research and innovation of cutting-edge technologies.