Reliance and Sanmina to set up world class electronics manufacturing hub in India

Reliance and Sanmina to set up world class electronics manufacturing hub in India

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new Delhi. Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited (RIL), and Sanmina Corporation have announced the formation of a joint venture to set up an electronics hub in India. Reliance will invest Rs 1670 crore in the existing Indian unit of Sanmina. Reliance will hold 50.1 per cent stake in the joint venture, while the management will remain with the existing team of Sanmina.

The joint venture will give priority to communication networking such as 5G, cloud infrastructure, hyper scale datacenters. It will also manufacture high technology hardware for industries such as health systems, industrial and defense and aerospace. It will continue to provide services to existing customers of the JV Sanmina as before. In addition, a state-of-the-art ‘Manufacturing Technology Center of Excellence’ will be created, which will promote the eco-system of product development and hardware startups in India.

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Sanmeena will get help in increasing the business
RSBVL will hold 50.1% equity stake in the JV unit, while the remaining 49.9% will be held by Sanmeena. RSBVL will acquire this ownership primarily through an investment of up to Rs 1,670 crore in new shares in the existing Indian arm of Sanmina. This investment will help Sanmeena grow her business. All construction will initially take place on Sanmina’s 100-acre campus in Chennai. They can also be expanded in future.

Jure Sola, President and CEO, Sanmina, said, “We are extremely excited to partner with Reliance to create an integrated manufacturing company in India. This JV will cater to the needs of both domestic and export markets and will prove to be a milestone for the Government of India’s “Make in India”.

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Fostering Innovation and Talent in India
Akash Ambani, Director, Reliance Jio, said, “We will be delighted to work with Sanmina to gain access to the important market for high-tech manufacturing in India. It is necessary for India’s development and security to be self-reliant. Self-reliance in electronics manufacturing is essential for telecom, IT, data center, cloud, 5G, new energy and other industries as we move into a new digital economy. Through this partnership, we plan to foster innovation and talent in India while meeting Indian and global demand.

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