AZB & Partners acted for RIL in the acquisition of 50.1% equity stake in Sanmina SCI India Pvt Ltd
AZB & Partners advised Reliance Industries Limited via its subsidiary Reliance Strategic Business Ventures Limited (RSBVL) in its acquisition of 50.1% equity stake in Sanmina SCI India Private Limited (Indian arm of Sanmina Corporation).
The Competition Commission of India (CCI) approved the purchase of the majority stake in Sanmina-SCI India Pvt Ltd by Reliance Strategic Business Ventures Ltd. The proposed transaction relates to the acquisition of up to 50.1 per cent stake in Sanmina-SCI India Pvt Ltd (SCIPL) by RSBVL.
In March, Reliance Industries' subsidiary RSBVL and Sanmina Corporation announced the setting up of an electronic Joint Venture (JV) in India that will focus on hi-tech infrastructure hardware across diverse sectors, including communications networking, defence and aerospace.
The JV will serve both domestic and export markets. The JV is expected to 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.
The transaction is valued at approx. USD 200 Mn/ INR 16.7 Bn.
The team from AZB & Partners comprised of Gaurav Bansal, Partner and Shivam Jha, Senior Associate.