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Reliance to Create Joint Venture with Sanmina Corp

CIO Insider Team | Thursday, 3 March, 2022
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Indian conglomerate Reliance Industries announced a plan about creating a joint venture with the US-listed Sanmina Corp to manufacture electronics in the Asian country.

According to the reports, Reliance unit will invest Rs.16.7 billion ($220.86 million) in new shares of Sanmina's existing Indian entity, giving it a 50.1 percent stake in the joint venture.
The JV aims to make hardware for 5G communications, cloud infrastructure, healthcare systems, and defence and aerospace.

Billionaire Mukesh Ambani’s Reliance will hold a 50.1 percent stake in the JV after investing in Sanmina’s existing Indian entity through a Reliance unit. Sanmina will contribute its existing contract manufacturing business to the JV.

Manufacturing will initially take place at Sanmina’s campus in the south Indian city of Chennai, as well as in other manufacturing sites within the country as per reports.

With Indian luxury customers undergoing a generational consumption shift, there is heightened appreciation of Abraham &Thakore’s timeless design, and we are excited to partner with the brand to bring its unique expression of Indian craftmanship to consumers globally, says Isha Ambani

Reliance shares were up as much as 0.7 percent after the deal.

Recently, Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited and the holding company of all retail companies within the group, invested in Abraham & Thakore exports pvt ltd for a majority stake. RRVL seeks to leverage its subsidiary reliance brands limited’s (RBL) deep understanding of the affluent Indian customer and their heft across digital, retail operations, marketing, and supply chain platforms, to build brand Abraham & Thakore’s global appeal in the fashion and lifestyle
category.

Isha Ambani, Director, Reliance Retail Ventures Limited says, “Abraham & Thakore’s interesting use of material and fresh take on traditional textile techniques have crafted a highly distinctive design signature for the brand. With Indian luxury customers undergoing a generational consumption shift, there is heightened appreciation of Abraham &Thakore’s timeless design, and we are excited to partner with the brand to bring its unique expression of Indian craftmanship to consumers globally.”



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