Reliance signs agreement with Chinese firm

Reliance signs agreement with Chinese firm

Reliance Industries Limited has signed an agreement with China-based Shandong Ruyi Science and Technology  Group Co Ltd for a joint venture (JV) in textiles.

As per the agreements, RIL will transfer its existing textile business into a newly incorporated company, for which RIL will receive cash consideration, RIL said in a release.

RIL will own a majority 51 per cent in the proposed JV, with the balance 49 per cent owned by Ruyi. The proposed transaction is subject to obtaining requisite approvals.

RIL’s existing textile business is the founding business of RIL and operates under the well-known brand ‘Vimal’. It has a prominent presence in the Indian textile market, especially in the worsted and synthetic suiting fabric segments.

China-based textile company Ruyi has revenues in excess of $3 billion and has a global presence including in America, Europe, Japan, Australia, New Zealand and China.

It has a portfolio of brands such as ‘Taylor & Lodge’, ‘Harris Tweed’, ‘Royal Ruyi
China’, ‘Nogara Italy’ and ‘Indios Italy’. This business operation and activities would get realigned to strengthen the JV, RIL said.

Narendra Modi or Rahul Gandhi? Who will win the battle royale of the Lok Sabha Elections 2019


Get real-time news updates, views and analysis on Lok Sabha Elections 2019 on Deccanherald.com/news/lok-sabha-elections-2019 


Like us on Facebook or follow us on Twitter and Instagram with #DHPoliticalTheatre for live updates on the Indian general elections 2019.

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry