Reliance and Sanmina complete transaction for electronic manufacturing JV in Chennai
San Jose, CA / Mumbai: Sanmina Corporation (Sanmina) (NASDAQ: SANM) and Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), have completed the transaction to jointly create a world-class electronic manufacturing hub in Chennai, a joint company release said.
"The joint venture would prioritize high technology infrastructure hardware, for growth markets, and across industries such as communications networking (5G, cloud infrastructure, hyperscale datacenters), medical and healthcare systems, industrial and cleantech, and defense and aerospace," the statement said.
This partnership will leverage Sanmina’s 40 years of advanced manufacturing experience and Reliance’s expertise and leadership in the Indian business ecosystem.
The day-to-day business will continue to be managed by Sanmina’s management team in Chennai, which will be seamless from an employee and customer perspective.
"The joint venture will create a world-class electronic manufacturing hub in India, in line with the Hon’ble Prime Minister's “Make in India” vision," read the statement.
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 start-up ecosystem in India, as well as promote research and innovation of leading-edge technologies.
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.