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CCI approves RIL arm's acquisition of 50.1% stake in Sanmina-SCI India

Sanmina Corporation and RSBVL had inked an agreement in March to create a joint venture through investment in Sanmina's existing Indian entity (Sanmina SCI India)

Competition Commission of India | Reliance Industries

BS Reporter  |  Mumbai 

Photo: PTI
Photo: PTI

The (CCI) on Tuesday granted its approval for the acquisition of a 50.1 per cent stake of Sanmina-SCI India (SCIPL) by Reliance Strategic Business Ventures (RSBVL). The latter is a subsidiary of (RIL).

Sanmina Corporation and RSBVL had inked an agreement in March to create a joint venture through investment in Sanmina’s existing Indian entity (Sanmina SCI India). The investment would be to the tune of Rs 1,670 crore, RIL had said, where it would hold the majority stake in the JV.

The joint venture would serve both domestic and export markets. It would prioritise high technology infrastructure hardware, for growth markets, and across industries such as communications networking (5G, cloud infrastructure, hyper-scale datacenters), medical and healthcare systems, and defence and aerospace.

Additionally, the JV would create a state-of-the-art ‘Manufacturing Technology Center of Excellence’ that would 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.

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First Published: Tue, August 02 2022. 21:57 IST