RIL Opens India’s 1st-of-a-kind Largest Global Destination ‘Jio World Centre’ in Mumbai 

RIL opens India's largest convention centre at Jio World CentreOn 4th March 2022, Reliance Industries Limited(RIL) opened the Jio World Centre, ‘first of its kind’ India’s largest and most prestigious multi-faceted destination in Bandra Kurla Complex(BKC), Mumbai, Maharashtra. The Jio World Centre also features India’s largest Convention Centre “Jio World Convention Centre” enabled by the 5G network. 

  • The centre was envisioned by Nita Ambani, Director of Reliance Industries and Founder-Chairperson of Reliance Foundation. 
  • Jio World Centre, spread over 18.5 acres, is a multifaceted development where people will get together, to appreciate art, exchange ideas, celebrate culture, and soak in the heritage and vibrancy of Mumbai. 

Facilities of the Jio World Centre: 

  • Jio World Centre includes the state-of-the-art convention facility (Jio World Convention Centre​), a musical fountain, a cultural centre, an upscale retail experience, a curated selection of cafés and fine dining restaurants, serviced apartments and offices.
  • The Jio World Centre will have a phase-wise opening throughout the current and the next year.

Jio World Convention Centre:

The Jio World Convention Centre, India’s largest Convention Centre has ‘hybrid and digital experiences’ enabled by the 5G network. 

  • The centre has three exhibition halls spanning over an area of more than 1.61 lakh square feet and two convention halls of 1.07 lakh square feet.
  • The total area of the centre is over 1.39 lakh square feet of pre-function concourse across all the levels.
  • The Convention centre has India’s largest on-site parking with a capacity of 5,000 cars.

Dhirubhai Ambani Square & Fountain of Joy:

RIL also dedicated Dhirubhai Ambani Square and lotus inspired ‘Fountain of Joy’ to the city of Mumbai at the Jio World Convention Centre.

  • The Dhirubhai Ambani Square is centered around the Fountain of Joy. 
  • The fountain features 8 fire shooters, 392 water jets, and over 600 LED lights.

RSBVL & Sanmina to set up JV for Electronics Manufacturing Hub in India; RSBVL to Invest Rs 1670 crore

Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL) and Sanmina Corporation (Sanmina Corp), an Integrated manufacturing solutions provider have entered into a joint venture(JV) to create an electronic manufacturing hub in India.

  • Sanmina Corp produces 4G and 5G telecom network equipment for local and overseas markets.
  • The JV will create a state-of-the-art ‘Manufacturing Technology Center of Excellence’ that will serve as an incubation centre to support the product development and hardware start-up ecosystem in India, as well as promote research and innovation of leading-edge technologies.

RSBVL investment: 

The joint venture has been created through an investment in Sanmina’s existing Indian entity Sanmina SCI India Private Ltd (SIPL) and the day-to-day business will continue to be managed by Sanmina’s existing management team in Chennai.

  • RSBVL will hold 50.1% equity stake in the joint venture entity with Sanmina owning the remaining 49.9%. 
  • RSBVL will achieve this ownership primarily through an investment of upto Rs 1,670 crore in new shares in SIPL, Sanmina’s existing Indian entity.

Note: SIPL manufactures gear for data centres and cloud infrastructure, among others.

i.Following the investment, the JV will be capitalized with over USD 200 million of cash to fund growth.

ii.The transaction is expected to close by September 2022.

Recent Related News:

On 5th January 2022, Reliance Industries Ltd (RIL) launched a mega bond sale as it desired to raise USD 3 to 5 billion from offshore investors.

The sale is claimed as the largest-ever foreign currency bond issuance from India and 2022’s first fundraising by an Indian company.

About Reliance Industries Ltd (RIL):

CMD– Mukesh Ambani 
Headquarters-Mumbai, Maharashtra

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