Reliance Industries Limited (RIL) and China-based Shandong Ruyi Science and Technology Group Co Ltd (Ruyi) have signed agreements for setting up a joint venture in textiles. As per the agreements, RIL will transfer its existing textile business into a newly incorporated joint venture company, for which RIL will receive cash consideration. Subject to obtaining requisite approvals, it is proposed that RIL will own a majority 51 per cent in the proposed JV, with the balance 49 per cent owned by Ruyi. Nikhil R Meswani, Executive Director of RIL said, “Our joint venture with Ruyi Group will help Reliance reposition its textile business on a high growth path. Our partner’s deep commitment and global reach in textile business will enable this JV to harness the growth potential of the Indian market and emerge as a global textile player.”
