Related Keywords: CCI approves, Chinese company, fabric for men's suiting, joint venture, Reliance Industries Ltd, textile business, trousers and shirting, Vimal brand, with Shandong Ruyi Science and Technology group, yarn
Reliance Industries Ltd (RIL), India's largest private sector company, on Tuesday said it 'had entered into a definitive agreement for a joint venture in business with China's Shandong Ruyi Science and Technology Group (Ruyi).
According to the agreement, RIL will transfer its existing textile business under the Vimal brand into a newly incorporated company in which RIL will hold 51 per cent stake. The remaining 49 per cent stake will be sold to Ruyi.
