Mumbai, Oct 25 (IANS) Reliance Industries on Saturday announced that its subsidiary, Reliance Intelligence Ltd, has established a joint venture with US tech giant Meta’s subsidiary to market and distribute enterprise AI in India.
A new company, namely Reliance Enterprise Intelligence Limited (REIL), has been formed as a joint venture with Facebook Overseas, Inc., according to an exchange filing.
The Mukesh Ambani and Mark Zuckerberg-led companies have committed an initial combined investment of around Rs 855 crore in the unit, aimed at “developing, marketing, and distributing enterprise AI services.”
Reliance Intelligence will own 70 per cent of REIL, while Facebook Overseas, Inc., a unit of Meta Platforms, will hold 30 per cent, the filing said.
The partnership will provide an enterprise AI platform-as-a-service, enabling organisations to customise and deploy generative models, along with a suite of pre-configured solutions for industries including sales, marketing, IT operations, customer service, and finance.
RIL’s AI arm will invest Rs 2 crore towards the initial subscription of 20 million equity shares of Rs 10 each.
The transaction does not fall within related party transaction and none of the company’s promoter or promoter group or group companies have any interest in the above transaction, the filing said.
No governmental or regulatory approvals were required for incorporation of REIL, it added.
Reliance announced a joint venture in August that will use Meta’s open-source Llama models combined with Reliance’s enterprise reach to offer AI tools across sectors.
Meta will provide technical expertise for Llama-based models, while Reliance will leverage its digital infrastructure and access to thousands of Indian enterprises and small businesses.
Solutions will be deployable on the cloud, on-premises, and hybrid environments, focusing on reducing the total cost of ownership.
–IANS
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