RIL to enter into JV with China's Shandong Ruyi in textile business

Reliance Industries (RIL) on Tuesday said it will transfer its textile business into a new joint venture with China's Shandong Ruyi Science and Technology Group.

Reliance Industries said it will receive a cash consideration for the deal but did not disclose the amount.

"RIL will own a majority 51 per cent stake in the JV with the balance being owned by Ruyi",  Reliance said in a statement.

(Reuters)