Reliance Industries and China’s Shandong Ruyi will enter into a joint venture for textiles. The Indian company will own a majority 51 per cent in the proposed JV, with the balance 49 per cent owned by Ruyi. Reliance has a prominent presence in the Indian textile market, especially in the worsted and synthetic suiting fabric segments while Ruyi is a leading textile company in China with a global presence, including US, Europe, Japan, Australia, New Zealand, and a portfolio of world renowned brands. It also operates in India under the Georgia Gullini brand in the worsted suiting segment of the market. The business operation and activities would get realigned to strengthen the proposed joint venture.

The joint venture will build on Reliance’s existing textile business and wide distribution network in India as well as Ruyi’s state-of-the-art technology and global reach. The agreement will bring to Indian consumers some of the well-known brands of Ruyi. Ruyi has made investments in Japan, the UK and Australia in the recent past.

Reliance is India’s largest private sector company. It is India’s greenest and most environment-friendly company, ranking 185th among the world’s largest 500 companies. It is the first private sector company from India to feature in Fortune’s Global 500 list.

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