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Language , Updated: Aug 2, 2022, 10:37 PM
New Delhi, Aug 2 (PTI) The Competition Commission of India (CCI) has approved the purchase of majority stake in Sanmina-SCI India Pvt Ltd by Reliance Strategic Business Ventures Ltd. According to a CCI release issued on Tuesday, the proposed transaction pertains to the acquisition of 50.1 per cent stake of Reliance Strategic Business Ventures Ltd (RSBVL) in Sanmina-SCI India Pvt Ltd (SCIPL). Reliance Industries Limited’s (RIL) subsidiary RSBVL and Sanmina Corporation had in March this year announced the formation of a joint venture for electronics manufacturing in India. This venture is engaged in various sectors like communication networking, defense and aerospace.
According to a CCI release issued on Tuesday, the proposed transaction pertains to the acquisition of 50.1 per cent stake of Reliance Strategic Business Ventures Ltd (RSBVL) in Sanmina-SCI India Pvt Ltd (SCIPL).
Reliance Industries Limited’s (RIL) subsidiary RSBVL and Sanmina Corporation had in March this year announced the formation of a joint venture for electronics manufacturing in India.
The venture will work in the field of high-tech infrastructure hardware in diverse areas such as communication networking, defense and aerospace.
RSBVL will hold 50.1 per cent and Sanmeena will hold 49.9 per cent in this joint venture.
RSBVL will acquire this ownership primarily through an investment of up to Rs 1,670 crore in new shares in the existing Indian arm of Sanmina.
Source: navbharattimes.indiatimes.com
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