Reliance Industries said on Thursday it would invest Rs 1,670 crore ($220.70 million) to create a joint venture (JV) with US-listed Sanmina Corp for making electronic products in the Asian country. The JV aims to make hardware for 5G communications, cloud infrastructure, healthcare systems, and defense and aerospace, Reliance said in a regulatory filing.

Billionaire Mukesh Ambani's Reliance will hold a 50.1 percent stake in the JV after the investment in Sanmina's existing Indian entity through a Reliance unit. Sanmina will contribute its existing contract manufacturing business to the JV.

All manufacturing will initially take place at Sanmina's campus in the south Indian city of Chennai, with an option for expansion in other manufacturing sites within the country.

Reliance shares were up as much as 0.7 percent after the deal.