Reliance Industries will hive off its existing textile business (under the ‘Vimal’ brand name) into a joint venture with China’s Shandong Ruyi Science and Technology Group Co. for a cash consideration..RuYi will hold 49% equity stake in the new joint venture and Reliance Industries will constitute the majority shareholder by holding 51% of the equity shareholding, reports ET..A team from Amarchand Mangaldas comprising Mumbai-based Partners L. Viswanathan, Anshuman Jaiswal, Alice George and Nisha Kaur Uberoi acted on behalf of Reliance Industries..RuYi was represented by a team from Rajani Singhania & Partners. The Rajani team was led by Managing Partner Prem Rajani, Senior Partner Reena Grover along with Of Counsel Tejasvini Shirodkar and Associate Pearl Boga..Norton Rose Fullbright acted as international legal counsel for Shandong Ruyi Science with a team led by Australian Partner Anthony Latimer..RuYi is a leading textile company based out of China and has a global presence in various other large markets like America, Europe, Japan, Australia and New Zealand..Image taken from here.
Reliance Industries will hive off its existing textile business (under the ‘Vimal’ brand name) into a joint venture with China’s Shandong Ruyi Science and Technology Group Co. for a cash consideration..RuYi will hold 49% equity stake in the new joint venture and Reliance Industries will constitute the majority shareholder by holding 51% of the equity shareholding, reports ET..A team from Amarchand Mangaldas comprising Mumbai-based Partners L. Viswanathan, Anshuman Jaiswal, Alice George and Nisha Kaur Uberoi acted on behalf of Reliance Industries..RuYi was represented by a team from Rajani Singhania & Partners. The Rajani team was led by Managing Partner Prem Rajani, Senior Partner Reena Grover along with Of Counsel Tejasvini Shirodkar and Associate Pearl Boga..Norton Rose Fullbright acted as international legal counsel for Shandong Ruyi Science with a team led by Australian Partner Anthony Latimer..RuYi is a leading textile company based out of China and has a global presence in various other large markets like America, Europe, Japan, Australia and New Zealand..Image taken from here.