Mumbai: Reliance Industries Ltd on Tuesday said it will transfer its textile business into a new joint venture with China's Shandong Ruyi Science and Technology Group Co Ltd (Ruyi).
Reliance Industries said it will receive a cash consideration for the deal, but did not disclose the amount.
The company will own a majority 51 per cent stake in the JV, with the balance being owned by Ruyi, Reliance Industries said in a statement.
Shares in Reliance Industries, on Tuesday, ended at Rs 939.30 apiece on the BSE, down 0.61 per cent from the previous close.
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