Sanmina and Reliance complete previously announced manufacturing JV transaction in India

Mumbai, October 4, 2022

Sanmina Corporation, a leading integrated manufacturing solutions company, and Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), India’s largest private sector company, today announced they have completed their previously announced joint venture transaction.

"The joint venture will create a world-class electronic manufacturing hub in India, in line with the Prime Minister's 'Make in India' vision. The joint venture will 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," a press release from the twocompanies said.

"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," it said.

The partnership will leverage Sanmina’s 40 years of advanced manufacturing experience and Reliance’s expertise and leadership in the Indian business ecosystem, the release said.

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, it said.

The release said 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.

Sanmina Corporation is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market.

Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the communications networks, cloud solutions, industrial, defense, medical and automotive markets. Sanmina has facilities strategically located in key regions throughout the world.

RSBVL is a wholly-owned subsidiary of Reliance Industries Limited. The principal activities of RSBVL are trading of goods and holding strategic interests in businesses and providing business support services. RSBVL had a revenue of INR 1,478.1 crore ($194.9 million), net profit of INR 179.8 crore ($23.6 million) for the year ended March 31, 2022 and had total investment of INR 10,857.7 crore ($1.4 billion) as of March 31, 2022.

Reliance is India’s largest private sector company, with a consolidated revenue of INR 792,756 crore ($104.6 billion), cash profit of INR 110,778 crore ($14.6 billion), and net profit of INR 67,845 crore ($9.0 billion) for the year ended March 31, 2022. Reliance’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.

NNN