Sanmina and Reliance form India JV; Reliance invests up to Rs1,670cr for 50.1% stake

SANMINA CORP

RSBVL (Reliance subsidiary) acquires 50.1% of SIPL via Rs1,670cr (~$200M) investment; Sanmina holds 49.9%.
JV to manufacture telecom, data center, medical, clean tech, and defense equipment in India.
SIPL FY2021 revenue Rs12.3B (~$165M); JV capitalized with over $200M cash to fund growth.
Sanmina to manage day-to-day operations; JV expected to close no later than September 2022.
Sanmina to refer OEM customers for 'Covered Products' to JV; RSVL exclusive for telecom network equipment.

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