Related Keywords: Reliance Industries, Ruyi, Shandong Ruyi Science and Technology Group, textile business
Reliance Industries Ltd (RIL) entered into the textile business in a small way in 1970s, and since then grown to be a Fortune Global 500 company through backward vertical integration. Reliance on Tuesday, announced its joint venture with China’s Shandong Ruyi Science and Technology Group (Ruyi) that will help Reliance reposition its textile business on a high growth path.
RIL will hold a 51% stake in the new joint venture thus formed while the Chinese partner will hold the balance. The proposed transaction is subject to requisite approvals.
