Mumbai: Integrated manufacturing solutions company Sanmina Corporation and Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), on Tuesday announced the completion of their joint venture transaction. The joint venture will create a world-class electronic manufacturing hub in India, in line with Prime Minister Narendra Modi's 'Make in India' vision. 5G Launch in India: Reliance Jio to Bring 5G to Every Indian by December 2023, Says Mukesh Ambani.
All the manufacturing will take place at Sanmina's 100-acre campus in Chennai, with the ability for site expansion to support future growth opportunities as well as to potentially expand to new manufacturing sites in India over time based on business needs, the companies said in a statement.
The day-to-day business will continue to be managed by Sanmina's management team in Chennai. 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.
"In addition to supporting Sanmina's current customer base, the joint venture will create a state-of-the-art 'Manufacturing Technology Center of Excellence' that will serve as an incubation center to support the product development and hardware startup ecosystem in India, as well as promote research and innovation of leading-edge technologies," said the companies.
Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the communications networks, cloud solutions, industrial, defence, medical and automotive markets.
Currently ranking 104th, Reliance is the largest private sector company from India to feature in Fortune's Global 500 list of 'World's Largest Companies' for 2022.
(The above story first appeared on LatestLY on Oct 04, 2022 01:07 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).