<p>Reliance Industries said on Thursday it would invest Rs 1,670 crore ($220.70 million) to create a joint venture (JV) with US-listed Sanmina Corp for making electronic products in the Asian country.</p>.<p>The JV aims to make hardware for 5G communications, cloud infrastructure, healthcare systems, and defense and aerospace, Reliance said in a regulatory filing.</p>.<p>Billionaire Mukesh Ambani's Reliance will hold a 50.1 per cent stake in the JV after the investment in Sanmina's existing Indian entity through a Reliance unit. Sanmina will contribute its existing contract manufacturing business to the JV.</p>.<p>All manufacturing will initially take place at Sanmina's campus in the south Indian city of Chennai, with an option for expansion in other manufacturing sites within the country.</p>.<p>Reliance shares were up as much as 0.7 per cent after the deal.</p>.<p><strong>Check out DH's latest videos</strong></p>
<p>Reliance Industries said on Thursday it would invest Rs 1,670 crore ($220.70 million) to create a joint venture (JV) with US-listed Sanmina Corp for making electronic products in the Asian country.</p>.<p>The JV aims to make hardware for 5G communications, cloud infrastructure, healthcare systems, and defense and aerospace, Reliance said in a regulatory filing.</p>.<p>Billionaire Mukesh Ambani's Reliance will hold a 50.1 per cent stake in the JV after the investment in Sanmina's existing Indian entity through a Reliance unit. Sanmina will contribute its existing contract manufacturing business to the JV.</p>.<p>All manufacturing will initially take place at Sanmina's campus in the south Indian city of Chennai, with an option for expansion in other manufacturing sites within the country.</p>.<p>Reliance shares were up as much as 0.7 per cent after the deal.</p>.<p><strong>Check out DH's latest videos</strong></p>