Reliance Industries Ltd. (RIL) and Shandong Ruyi Science and Technology Group Co. Ltd. of China have executed definitive agreements for a joint venture in textiles. Under the agreements, RIL will transfer its existing textile business into a newly-incorporated company, a joint venture, which will receive cash consideration. RIL will own a majority 51 per cent in the proposed JV, with the balance 49 per cent owned by Ruyi. The transaction is subject to obtaining requisite approvals.
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