NEW DELHI: Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited (RIL), and US based Sanmina Corporation on Tuesday said the companies have completed the previously announced joint venture transaction.
Earlier in March, the RIL branch had said that the company will invest Rs 1670 crore to form an electronics manufacturing JV with Sanminawhich will mainly produce 4G and 5G telecom equipment for local and foreign markets.
“The day-to-day business will be managed by Sanmina’s management team in Chennai, which will be seamless from the employee and customer perspective,” a joint statement said on Tuesday.
The joint venture will create an electronics manufacturing center in India, in line with the Center’s “Make in India” vision.
The JV will prioritize high-tech infrastructure hardware, for growth markets and in sectors such as communications networks (5G, cloud infrastructure, hyperscale data centers), medical and healthcare systems, industrial and cleantech, and defense and aerospace, the statement said.
“We are starting the production of state-of-the-art radios for India and the rest of the world. We are motivated to make such an investment in India because of all the steps that the Government of India has taken in the past year in the production and building of the local telecom ecosystem,” said Sanjay Bakaya, Country Head-India & Regional Vice President-India & South Asia, Mavenir in a statement.
The two companies will also create a Manufacturing Technology Center of Excellence that will serve as an incubation center to support product development and the hardware start-up ecosystem in India, as well as foster research and innovation of advanced technologies.
All production will take place at Sanmina’s 100-acre campus in Chennai, with the potential for site expansion to support future growth opportunities and potentially expand to new manufacturing sites in India over time based on business needs .