A unit of Reliance Industries, led by Mukesh Ambani, said it will contribute up to 16.7 billion rupees ($220 million) -
-To collaborate with U.S.- recorded Sanmina to an electronics manufacturing hub in India.
The investment will be done by Reliance Strategic Business Ventures, as per a joint assertion from Reliance and Sanmina, an electronics manufacturer, on Thursday.
50.1% stake will be held by Reliance in the joint venture through an investment in Sanmina’s India unit, Sanmina SCI India. Sanmina will own the remaining shares.
Akash Ambani, head of Reliance Industries' tech unit Reliance Jio, said the joint venture will allow to get opportunity for high-tech manufacturing.
As India means to be more confident in hardware fabricating in telecom, IT, data centers, cloud, 5G, new energy and other industries.
“Through this partnership we plan to boost innovation and talent in India, meeting both Indian and global demand,” Akash Ambani said.